Norway oil investment set to decline by 2026, according to a survey

A 'quarterly survey' of the oil and gas industry revealed on Thursday that Norwegian investments in the sector are likely to?decline this year and next, as fewer new projects are being undertaken and more field?developments have been completed.

Norway is the world's second largest oil producer and supplies about 30% of Europe’s gas after it became its biggest pipeline gas supplier in 2022, following Russia's invasion.

Statistics Norway reported that the Nordic countries' largest business sector is expecting to invest 255 billion Norwegian crowns ($27billion) this year. This is down from 273 billion crowns, a record, in 2025.

The level of investment in 2026 may change due to cost inflation, new projects, or other factors.

Statistics Norway said that "it is expected that more projects will have plans for development (PDOs), and this will lead to an increase in the field development estimate beyond what was included in this count."

In a November survey, the estimate for 2025 was lower than the 275 billion crowns previously reported. Estimates for this year are up from the 249 billion crowns that were previously published.

The?strength of the investment?growth in the last three years has been driven by a series of?offshore gas and oil projects that were approved under temporary tax incentives for 2022.

Statistics Norway reported that the initial estimate of '2027 investment was 201 billion crowns. This included a number of smaller investments and near-field discoveries.

It added that the largest ongoing developments will be completed by 2027 and won't be replaced in full by new developments. Reporting by Nerijus Adomiaitis; editing by Alex Richardson, Terje Solsvik

(source: Reuters)