Norway oil companies raise 2026 investment outlook, survey shows

A survey by the Norwegian Statistics Office of industry participants showed that their estimated investments for 2026 have increased compared to three-month estimates.

Norway is the world's second largest oil producer, and after Russia invaded Ukraine in February of 2022 it became Europe's leading natural gas supplier.

According to estimates made in August, the country's largest business sector is expecting to invest a record amount of 275 billion Norwegian crowns (approximately $27.38 billion) by 2025. This represents an increase of 7.3% over last year.

Statistics Norway stated that despite the fact that investments are still on track to decline from their peak in this year by 2026, they will continue to do so.

The preliminary estimates for oil-and-gas investments in 2026 are 248.6 billion Crowns. This is compared to an earlier estimate of 229.4 Billion Crowns made in August.

The record high investment this year is driven by projects approved by oil companies for 2022 and supported by temporary tax incentives.

The overall oil investment is set to decrease as ongoing projects reach their peak and few new ones have been approved since 2022. Reporting by Nerijus Adomiaitis and Terje Solsvik; editing by Essi lehto

(source: Reuters)