Norway's oil and gas sector is poised for a record-breaking year in investments, with a projected spending of 246.9 billion Norwegian crowns ($23.58 billion) in 2024. This surpasses the previous record set in 2014 and represents a significant increase from the February estimate of 243.6 billion crowns.
The growth in investments is attributed to a combination of new field developments, exploration activities, and cost inflation. Preliminary estimates for 2025 also indicate robust investments, with an expected 215.8 billion crowns allocated to the sector.
However, the Norwegian statistics office (SSB) cautioned that the final figures for 2025 could be lower due to potential stabilisation of cost inflation and the Norwegian crown currency. Additionally, fewer new developments in the coming year may contribute to a more moderate growth in investments compared to 2024.
