Crude oil prices rose to about USD 75 per barrel over the summer, partly owing to the conflict in the Middle East and reduced production in Nigeria and the US. In recent weeks, oil prices have edged back again. Brent Blend futures prices nevertheless indicate that oil prices will remain high several years ahead. Export prices for Norwegian natural gas largely follow developments in oil prices with a lag. Since autumn 2005, prices for Norwegian gas exports have risen substantially according to the quarterly reports of the oil companies Statoil and Hydro. In the next few years, natural gas will account for a steadily larger share of total petroleum production on the Norwegian continental shelf. Petroleum investment has reached a high level after three years of strong growth. In 2005, investment was close to NOK 87 billion, and it is expected to edge up again this year. The large Ormen Lange and Snøhvit projects have contributed to high petroleum investment, and high oil prices have fuelled activity even at oil fields that have been in production for a long period. The development of the Skarv Idun fields will contribute to holding up petroleum investment from 2007. Information from our regional network suggests that petroleum investment provides considerable impulses to activity in Norway’s coastal regions. According to the network, suppliers to the petroleum sector are expecting strong growth to continue in the coming months.
Caleb M Fundanga: Bank of Zambia retirees Talking notes by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the luncheon in honour of Bank of Zambia retirees, Bank of Zambia, Lusaka, 12 December 2006. *  *  *  • Deputy Governor – Administration • Directors • Ladies and Gentlemen • Retirees and Potential Retirees in our midst Some people say “retirement is wonderful; it is described by many as doing nothing without worrying about getting caught at it”. That is to say, you now become accountable to yourself for your actions! Retirement marks an important milestone in one’s life, it is so important that in many cases you have to consult, and reflect extensively before you take that very important decision. It is a day one should not only anticipate during ones working life, but also plan for. Retirement can occur voluntarily as the case is with VESS, by attaining the age of 55 as provided by statute or prematurely due to a misfortune such as failing health. In all circumstances one must plan for the event. Ladies and Gentlemen, it is for this reason that the Bank has found it befitting to host a luncheon in your honor, by recognizing all the hard work that you have put in the Bank in the many years of service. Admittedly, relationships between the Bank and ex-members of staff have in certain cases not been so good.