Norway Oil Industry expects record investments in the coming year

A survey by the Norwegian National Statistics Office (SSB) on Thursday showed that Norwegian oil and natural gas investments will surpass 2024's record levels this year, due to a flurry development projects.

In 2025, the country's largest business sector expects to invest 253.8 billion crowns ($22.61billion) compared with 251.2 billion crowns in 2018. In November, the previous estimate of 252.6 billion crowns for 2025 was made.

SSB stated that the increase in 2025 estimates was primarily due to plans for increased investment in new fields, onshore facilities and new developments, but was also offset in part by lower anticipated spending on exploration.

Vaar Energi (Eni's Norwegian subsidiary) said Tuesday that it expects to approve eight new development projects this year.

A preliminary estimate of 2026 investments was also released Thursday and stood at 197 Billion Crowns.

The projected cost could increase as more projects are added or updated. ($1 = 11.2261 Norwegian crowns)

(source: Reuters)