Regulator says Norwegian oil and gas sector turning a corner

Westcon yard in Olen, Norway
Westcon yard in Olen, Norway

The head of Norway’s oil and gas industry regulator has said the sector could be turning a corner after two years of job losses and cuts, a news report said.

Bente Nyland, head of the Norwegian Petroleum Directorate (NPD), told Reuters that companies were showing more willingness to complete development plans.

Statoil recently submitted plans to the NPD for its Byrding and Utgard oil and gas discoveries.

Ms Nyland said at least another three plans were expected from companies by the end of 2016.

She was cited as saying: “We are seeing that things are becoming better.”

But she did say the number of new exploration wells was unlikely to increase from this year’s forecasted tally of 30.