16:02 - 22.08.2024

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August 22, Fineko/abc.az. The Norwegian Offshore Directorate (NOD) intends to boost investments in oil and gas exploration to prevent a decline in the production of these energy resources, according to a press release from the organization.

ABC.AZ reports citing the press release of the organization that despite significant oil and gas reserves on the Norwegian continental shelf, overall production is expected to decrease starting from 2025.

"Therefore, we need to increase investments in exploration development, as well as in discovering new fields and infrastructure, to slow down the production decline. Lack of investments will lead to a rapid collapse of the oil industry," said Hjertsi Dale, Director of NOD