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Norway oil and gas firms raise 2022 investment forecasts – The Globe and Mail

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Equinor’s Johan Sverdrup oilfield platforms in the North Sea, Norway.Ints Kalnins/Reuters

Oil and gas firms in Norway have increased their 2022 investment forecasts during the last three months as the industry prepares to take advantage of tax incentives designed to boost activity, a national statistics office (SSB) survey showed on Thursday.

The biggest business sector in Norway now expects to invest 154.4 billion Norwegian crowns ($17.6 billion) next year, up from a forecast of 142.0 billion crowns in August, SSB said.

The forecast for 2021 now stands at 182.3 billion, up from 181.5 billion seen in August, and the numbers thus indicate a decline next year. But the 2022 investments may continue to climb as companies formalize more plans, SSB said.

A change in Norwegian tax incentives, introduced last year, will likely trigger a sharp rise in investment in the sector in 2023, economists have said. SSB has not yet released forecasts for that year however.

“A large number of (investment plans) are expected to be submitted … next year. The vast majority of these will probably be delivered late next year, but some minor development projects are also expected to be submitted earlier,” SSB said.

Norway is western Europe’s largest oil and gas producer with daily output of 4 million barrels of oil equivalent. Investments impact near-term growth of Norway’s economy as infrastructure is being built, as well as the longer-term petroleum output.

Norway’s centre-left government, in office since last month, is determined to continue developing the oil industry, a major source of jobs and export revenue, despite mounting opposition from environmental groups amid concerns over climate change.

In 2020, parliament approved temporary tax incentives to spur oil and gas investments, triggering promises by Equinor, Aker BP, Lundin Energy and others to accelerate field developments.

To qualify for the incentives, projects need to be approved by the end of 2022. This will in turn lead to double-digit percentage growth in investments in 2023, Handelsbanken Capital Markets said.

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The Investment Guide: Your Life Your Priorities 2022 – Forbes

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New Brunswick announces $84.7 million investment to support public schools – CTV News Atlantic

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The New Brunswick provincial government has announced they will invest $84.7 million to support public schools in the province.

The government says the investment will be made during the 2022-23 fiscal year and will include $3.7 million for two new projects and $8.8 million to support the provincewide ventilation program.

A large portion of the investment, $72.2 million, has been earmarked to support ongoing construction projects, capital equipment, improvement work, and the dust collector program.

Dominic Cardy, education and early childhood development minister, tabled the department’s capital budget estimates today in the legislative assembly.

“Students need safe learning environments that meet their educational needs in order for them to learn and be successful long after graduation,” said Cardy.

“The investments we make today will not only support learning and address space deficiencies, but they support long-term community growth and strategic infrastructure planning across the education system.”

According to the province, the projects include a new kindergarten-to-Grade 5 school in Fredericton, which will replace Nashwaaksis Memorial School and McAdam Avenue School, and a new kindergarten-to-Grade 8 school for Saint John’s central peninsula.

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Oil Investments Must Rise to Offset Energy Prices, Soaring Inflation – Bloomberg

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The Riyadh-based International Energy Forum has called on companies to raise investment in oil and natural-gas production to $523 billion a year by the end of this decade to prevent a surge in energy prices and economic unrest.

The think tank’s comments echo those of Saudi Aramco, whose chief executive officer on Monday said there could be “chaos” unless governments stopped discouraging investment in fossil fuels.

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