Norway oil industry standardizes contracts in bid to cut costsStaff writer ▼ | October 21, 2015
New standard practices in Norway for establishing contracts between oil firms and their suppliers will lower costs and increase competitiveness in a period of low crude prices.
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"These contracts contribute to lesser costs for each company winning contracts and for operators giving contracts," Karl Eirik Schjoett-Pedersen, head of the Norwegian Oil and Gas Association, told Reuters.
Norway, the world's seventh-largest oil exporter and third-largest gas exporter, was until recently considered an expensive but risk-free place to do business, with predictable regulations and working conditions.
But plunging crude prices have prompted a sharp decline in investments by oil firms on the Norwegian continental shelf this year. ■