Norway seeks return to fiscal stability

Next year should see another change in the tax regime confirmed. The hope is that it will signal the country’s much-vaunted predictability is back

“Stability in the fiscal framework has always been the key strength of the Norwegian continental shelf (NCS). And it is especially important now when investing in an industry in transition in a volatile macro environment.” So said David Tonne, CFO of Norwegian producer Aker BP, on a Q3 results call. Norway has long been praised for the predictability of its, albeit high, tax regime. But, in mid-2020, the Norwegian parliament approved changes to the country’s fiscal terms providing accelerated recovery for investments and tax refunds for 2020 and 2021 spending—with the legislation also applying to new projects submitting development plans before the end of 2022. Then, at the start of Septembe