Costs in the oil and gas industry, which have soared in recent years, are beginning to level off, according to StatoilHydro, Norway’s national oil company.

“We have seen some easing in costs, particularly in areas that are not very capital intensive and more reliant on manpower. In other areas the cost pressure is still on, but at a lower rate of inflation,” Helge Lund, StatoilHydro’s chief executive, told the Financial Times.