Norwegian Oil and Gas Investments to Hit New Record in 2024

SEATTLE (Oil Monster): The Norwegian oil and gas investments, including pipeline transportation, are expected to hit a new record this year. Furthermore, the investments are expected to remain strong in 2025 as well. This is as per survey conducted by the national statistics office (SSB).

The Norwegian oil and gas sector investment is expected to total around 246.9 billion Norwegian crowns ($23.58 billion) in 2024. This is higher than the previous record of 224 billion set in 2014. The projected investment is up from the estimate of 243.6 billion crown in February this year. The oil and gas sector investments are now estimated to total around 215.8 billion crowns, which is higher than the previous estimate of 205 billion crown made in February.

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The upward adjustment in oil and gas sector investment in 2025 are mainly driven by higher estimates in development and exploration, SSB noted. The early estimate for 2025 indicates another strong year of investment growth.

The expected new developments next year may contribute to modest increase in estimates. However, levelling off of cost inflation levels and a stable crown could result in slowdown in investment growth.