Norway oil industry raises 2026 investment outlook, survey shows

Norwegian oil and gas companies have raised their projected investments for 2026 and 2027 compared with estimates made three months ago, a quarterly industry survey showed on Thursday.

The Nordic country's biggest business sector now expects to invest 275 billion Norwegian crowns ($28.97 billion) in 2026, up from 266 billion seen in May, and compared to a record 273 billion crowns last year, the statistics office (SSB) survey showed.

Next year, investments are expected to decline to 227 billion crowns, above the 207 billion crowns seen previously, as a wave of major offshore developments approaches completion and starts production.

"The upwardly revised investment estimate for 2027 is driven primarily by higher cost estimates in production drilling, particularly in operating fields, but also in field development," SSB said.

Production drilling was also the main driver behind an expected increase in investments during the second half of this year, as companies seek to capture higher oil and gas prices.

"The level of investment in the second half (of 2026) of this category may therefore be affected by geopolitical developments in the Middle East," SSB said.

Norway produces more than 4 million barrels of oil equivalent per day, almost equally divided between crude and natural gas. Most of it is exported to Europe.