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Norwegian Oil, Gas Industry Expected to Attract $28.66 Billion Investment in 2026, Survey Shows

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Norway's oil and gas industry is projected to see total investments of around 266 billion Norwegian kroner ($28.66 billion) in 2026, 11 billion kroner more than estimated in the previous quarter, according to a survey by the statistics office published Thursday.

However, the estimates are 1.1% lower than the corresponding projections for this time last year, it said.

"The upward adjustment for 2026 is largely driven by higher estimates within the field development category. The increase is partly due to the submission of plans for development and operation... or three projects. These are redevelopments of previously shut-down fields. Most of the increase, however, is due to higher planned investments in ongoing developments," the survey said.

In 2027, total investment in oil and gas extraction and pipeline transport is projected at 207 billion Norwegian kroner, up 2.9% from the previous survey's estimate. This is also 0.2% higher than the corresponding estimate for 2026 during the same time last year.

The revision in forecasts for 2027 is primarily due to increased estimates in field development and fields on stream, it said.

The country produces over a million barrels of oil equivalent per day, split equally between crude and natural gas, according to a Reuters report.

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