Norway’s oil, gas investment to hit record in ’25

Norway’s oil and gas investments are set to reach a record 269.1 billion crowns ($26.62 billion) in 2025, up from 251.2 billion last year, the country’s statistics office (SSB) reported on Tuesday.

This revised forecast exceeds the February estimate of 253.8 billion crowns. However, investments are expected to drop to 206.6 billion crowns in 2026, despite earlier projections of 197.1 billion crowns.

SSB attributed the 2025 increase to several new field developments, including up to 14 projects planned by Vaar Energi, majority-owned by Eni, focusing on smaller discoveries near existing platforms to boost output. Still, the agency warned that these new developments are unlikely to prevent the overall investment decline next year.

Attribution: Reuters

Subediting: M. S. Salama