Norwegian oil and gas companies have cut their projected investments for 2026 while raising the outlook for 2027 compared with estimates made three months ago, an industry survey by the statistics office (SSB) showed on Thursday.
The Nordic country's biggest business sector now expects to invest NOK266 billion ($27.80 billion) in 2026, down from NOK275 billion seen in August, while 2027 was raised to NOK237 billion from NOK227 billion.
The industry has warned that investment in new projects is set to decline as several major offshore developments approach completion and start production.
"The increase (for 2027) is mainly driven by higher numbers for field development and exploration," SSB said in a statement.
Norway produces more than four million barrels of oil equivalent per day, almost equally divided between crude and natural gas. Most of it is exported to Europe.
(Reporting by Terje Solsvik, editing by Essi Lehto)