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Norwegian spending surge to boost region

AS figures predict Norwegian oil and gas investment to hit a record high in 2011, North East business leaders have forecast a booming year for the region’s energy sector.

Research group Statistics Norway has revealed total investments in oil and gas activity in 2011, including pipeline transportation, are estimated to be a staggering £15.5bn, the highest on record.

This spells good news for the region’s oil and gas sector, which already has a strong presence in the region.

George Rafferty, chief Executive of NOF Energy, said the organisation anticipates this spike in investment two years ago, and has plans in place to foster more lucrative ties between the region and Norway.

He said: “We see Norway as being a source of real opportunity for North East companies and we’ll be taking a market visit to Norway in September. We won’t have any difficulty in drumming up some serious interest for that.

“It comes as no surprise that Norwegian companies are going to invest so heavily next year. We’re coming from recession and the demand for all forms of energy is going to increase.

“We see 2011 as the year when demand for oil, gas and nuclear energy will rise substantially and there’s a huge amount of scope for both sides of the North Sea to work with each other.”

Meanwhile, Mike Pedersen, of the Norwegian Collaboration Centre (NCC), has warned North East businesses not to be put off from the expensive trade visits to the country, as the benefits far outweigh the costs of travel.

The NCC has recently won a contract with Petromedia, the largest Norwegian oil and gas magazine, which will help raise the profile of the region’s expanding industry.

He said: “If I was in business involved in the oil, gas and energy sector at the moment, I would say Norway is the first port of call. They have some massive projects coming up and need engineering services to make up their shortfall.

“It’s especially easy for us in the North East. You can even a Ryan Air flight from Newcastle International Airport to Norway for £15 return.

“The only problem is, is that it costs so much when you’re there and the book we’ve put together will help solve this issue.

“Petromedia has a circulation of 55,000 and the ebook we’re making will profile, in Norwegian, all the North East businesses who want to export there. It will go directly into the inboxes of all the engineers in Norway.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .