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15/01/2010 In a year where the financial crisis resulted substantial reductions in incoming orders in several industries, the investments in the petroleum sector remained at a historically high level. In that regard, the petroleum sector was an important buffer for the Norwegian economy in a troubled year for the international economy.
Of the investments on the Norwegian shelf, a large share is related to long-term contracts. Decisions made in 2008 and earlier have delayed the petroleum sector's response to falling oil prices into 2009. At the same time, scheduled and potential new projects have been assessed in light of falling oil prices and changes in the international economy.
However, the oil price in 2009 rose to a level which ensures profitability for a number of projects. At the same time, the high cost level remains a challenge. In the near future, the annual investments are expected to exceed NOK 100 billion by a considerable margin.