Norway Oil Industry Investment to Peak in 2025: Survey

A survey by the Statistics Office of Norwegian industry participants showed that oil and gas investment in Norway is expected to peak this coming year and then start decreasing next year. Major projects will be completed.

Norway produces around 2% of the world's oil and is now Europe's leading supplier of pipeline natural gas following Russia's invasion in Ukraine in February 2022.

In 2025, the country's largest business sector is expected to invest a record amount of 274.8 billion Norwegian crowns (approximately $26,98 billion). This compares with a May estimate of 269.1 billion crowns and 251.2 billion crowns last year.

The preliminary estimates for oil-and-gas investments in 2026 are 229.4 billion crowns. This is compared to the previous estimate in May of 206.6 billion Crowns.

Statistics Norway stated that the decline from 2025-2026 was primarily due to lower investment plans for field development.

In the months before a new fiscal year, companies tend to finalise their spending plans.

Equinor, Vaar Energi and other companies are expected to approve several new projects this year and next. However, overall exploration expenditures will likely decline.

It added that the estimated growth in investment during the second half 2025 was largely driven by plans for increased production drilling - the category most sensitive of energy price fluctuations.

Statistics Norway stated that "with lower and more volatile gas prices this year and lower oil prices in the last four months, it is possible some drilling campaigns could be delayed."

The International Energy Agency, which had raised its forecasts for growth in supply this year but lowered those of demand, pushed the oil prices down to their lowest level in more than two months.

(source: Reuters)