Prime Minister Erna Solberg at a meeting at MH Wirth in Kristiansand in February 2016.

Prime Minister Erna Solberg credits the way the Norwegian oil and gas industry is handling lower oil prices and falling investments.

“We can’t influence the price of oil. There is just too much oil on the global market. But the industry has taken steps to meet another challenge: the cost level. A lot has been done already, but we still need to simplify and operate in less bureaucratic ways”, said Solberg when she addressed the The Norwegian Oil and Gas Association’s annual conference in Oslo Thursday.

Solberg noted that the Norwegian petroleum industry is going to be a vital part of the Norwegian economy for a long time.

“Even though this is an industry with ups and downs, we can not expect to see a similar upturn as we have seen in recent years”, said Solberg.