Norwegian Projects at Risk by Low Oil Prices, Finansavisen Says

By Meera Bhatia

Dec. 4 (Bloomberg) -- New projects and planned exploration on the Norwegian shelf may be postponed should oil prices remain below $50 a barrel, Finansavisen reported, citing Director General Bente Nyland at the Norwegian Petroleum Directorate.

Falling oil prices, rising costs and the global credit crisis may make new projects unprofitable, Nyland told the Oslo- based newspaper.

Investments for 2009 will probably not be affected since these are already set, she said, according to the newspaper. If projects would be stopped production could be affected four to five years later, the newspaper reported.

To contact the reporter on this story: Meera Bhatia in Oslo at mbhatia2@bloomberg.net.