It was another record year for Norwegian capital investment, at US$30 billion. This led to the first negative Norwegian tax change in 20 years. In E&A, 60 wells drilled, the second highest on record, with two new plays opened in the Barents Sea. Commercial M&A value traded was second only to the record set in 2012. In 2014, US$30 billion will be spent on developments, E&A will continue apace, and M&A could hit record levels.