Norwegian oil investment to hit record levels by 2013

14 June, 2012 The country is predicted to receive $32.49bn in the next year.

Norway's oil market is set to receive major investment in 2013, according to Statistics Norway.

The agency predicted that the Scandinavian country will receive an extra 194.3 billion crowns (?20.9 billion) adding to the nation's already booming oil industry which has a wealth of $31.2 billion, Reuters reports.

Officials saw predictions grow from the 51.1 billion crowns it believed the country would receive in 2012, however, 2013 is set to dwarf that figure as many major companies look to Norway as a key nation to begin oil and gas exploration project.

Nordea Markets chief economist Steinar Juel told the source: "The number for 2013 looks extremely high but that has to do with the fact that there are now more approved projects early in the year than there has been before.but apart from that this is clearly a good growth."

The Scandinavian country is currently the world's eighth largest oil exporter and is also 13th in terms of production behind the likes of Russia, Saudi Arabia and Iran.

? Adfero Ltd

sweet potato pie twas the night before christmas norad santa epic beard man nfl standings giants vs jets chargers