The oil and gas sector of Norway forecasts record investments in 2025.

Oil and gas companies plan to increase investments in Norway

Oil and gas companies operating in Norway intend to invest a record amount in investments in 2025. Their investments will amount to 275 billion Norwegian kroner, exceeding 263.7 billion this year and the expected figures.

According to data from Reuters, a year ago the industry group predicted that investments in the oil and gas sector in 2024 and 2025 would amount to 240 billion and 225.9 billion kroner, respectively, reported Economic Truth.

This increase in investments is due to a combination of cost inflation, accelerated development, and increased work at several fields, as well as drilling additional wells at existing oil and gas fields.

In addition, companies plan to begin drilling 45 exploratory wells in Norwegian waters next year, which is the highest figure since 2019, compared to 41 wells expected by 2024.

Norway is the largest producer of oil and gas in Western Europe, producing just over 4 million barrels of oil equivalent per day. The country aims to increase production over the next few decades.

The forecast is based on responses from 14 companies, including Equinor, Aker BP, Vaar Energi, ConocoPhillips (COP.N), and Shell, which almost completely provide extraction in the country.