Norwegian oil and gas investments are expected to decline this year and next as many field developments are completed while fewer new projects begin, a quarterly survey of the industry showed on Thursday.
Norway produces about two per cent of global oil and meets about 30 per cent of Europe’s gas needs, after becoming its largest pipeline gas supplier following Russia’s invasion of Ukraine in 2022.
The Nordic country’s biggest business sector expects to invest NOK255 billion ($27 billion) this year, down from a record NOK273 billion in 2025, Statistics Norway said. Investments may be impacted, however, by cost inflation or new project additions, leaving the 2026 level subject to change.
“It is expected that a few more projects will have plans for development and operations (PDOs) submitted this year, which will increase the field development estimate for 2026 beyond what is included in this count,” Statistics Norway added.
