Investments in Norway’s oil and gas sector are set to reach a record high this year, driven by increased spending on operating fields, according to Statistics Norway’s latest survey.
The quarterly report estimates total investments, including pipeline transportation, at $26.6 billion (269 billion Norwegian crowns) for 2025. This marks a 6% increase compared to the previous quarter’s forecast.
“The rise in 2025 investments is largely due to higher spending on fields already in production,” the statistics office said.
However, investment is expected to peak this year and then decline moderately from 2026. The forecast for 2026 stands at $20.5 billion (207 billion crowns), a 4.3% drop from the 2025 level.
Investments surged in 2023 and 2024, boosted by Norway’s 2020 oil tax package. This policy encouraged operators to submit development plans for several new fields, Statistics Norway noted. Inflation and rising supply chain costs also raised investment values during this period.
With few new developments since 2022, the report anticipates a moderate decline in spending on field development in 2025. But this is offset by strong planned investments in existing producing fields.
Norwegian authorities emphasize that new exploration and discoveries are essential to slow the expected decline in oil and gas production in the 2030s.
The Norwegian Offshore Directorate said in April that production from the Norwegian Continental Shelf is expected to decline gradually. The rate of decline, however, will depend on how many new resources are found and developed.
“The level of decline depends on the volume of new discoveries and how much of those resources come on stream,” the regulator said.
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