No profit on foreign oil

Foto: Erik Johansen (Scanpix)

Statoil and Hydro have invested billions abroad during the 1990s, but the profits are slim.

21.06.04 12:01

At the end of 2000, Norwegian companies had invested NOK 87 billion (USD 12.6 billion) in oil and gas businesses abroad, but the profit has been close to zero, according to the Norwegian daily Aftenposten.

The annual average yield has only been one percent in the years 1992 to 2000, a number which is far less than what the companies may have gotten if they had simply put the money in the bank.

On the other hand, foreign companies are making good money in Norway. According to Statistics Norway, foreign companies which have invested on the Norwegian shelf have gotten an annual yield of about 15 percent from 1992-2000.

Both Statoil and Hydro are promising better numbers in the years to come.

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