The Norwegian Petroleum Directorate (NPD) issued a new map edition of the Norwegian shelf, which includes all fields, discoveries and areas that have been opened for exploration activities as of 18 August 2017. In the meantime, the Norwegian government submitted the fiscal budget for 2018. Petroleum revenues spending for 2018 are estimated at NKR231.1bn (about US$29.3bn), equivalent to 7.7% of the Norwegian GDP.
Besides, the government updated its current estimates for future investments in the Norwegian Continental Shelf (NCS) over the 2017-2019 period: they are expected to reach NKR152.8bn in 2017 (US$19.3bn, up from NKR142.5bn in revised budget), NKR156.2bn in 2018 (US$19.8bn, up from NKR136.8bn) and NKR168.2bn in 2019 (US$21.3bn, up from NKR147.2bn). The government increased its oil price forecast for 2018 from NKR426/bbl (US$54/bbl) up to NKR 439/bbl for 2018 (US$55.6/bbl).
As for gas exports, the NPD adjusted the price estimates from NKR1.85/m3 for 2017 (US$24c/m3) down to NKR1.62/m3 in 2018 (US$21c/m3, fixed at 2018 prices). The 2019 gas price is evaluated at NKR1.89/m3 (US$24c/m3, fixed at 2018 prices).
Besides, the Norwegian authorities unveiled new funding support for the carbon capture usage and storage sector (CCUS) and set out plans to slash the carbon capture and storage (CCS) budget by 90%, from NKR360m (US$45m) down to NKR20m (US$2.5m) per year.
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