Norway’s oil and gas investments are expected to reach a record high in 2024, driven by a string of new developments as well as cost inflation, according to a survey by the country’s national statistics office (SSB).
The survey shows that the country’s biggest business sector now expects to invest
246.9 billionNorwegiancrowns ($23.58 billion) in 2024, up from a previous estimate of
243.6 billioncrowns made in February. This exceeds the previous record of
224 billioncrowns set in 2014.
Preliminary estimates for oil and gas investments in 2025 stand at
215.8 billioncrowns, compared to a previous estimate of 205 billioncrowns in February.
The upward adjustment for 2025 is driven by higher estimates within the categories of field development and exploration, according to the SSB. However, the agency cautioned that while the early estimate for 2025 could indicate another year of strong investment growth, the final outcome may show a slower trend as cost inflation levels off and the Norwegian currency stabilizes.
“In addition, there will only be a few new developments in the next year, which will only contribute to relatively modest increases in the estimates for 2025,” the SSB said.
Overall, the survey suggests that Norway’s oil and gas investments are set to remain strong in the coming years, reflecting the country’s position as a major player in the global energy market.