Norwegian oil and gas companies have raised their projected investments for 2026 and 2027 compared to estimates made three months ago, but still forecast a decline from last year's record level, a quarterly industry survey showed on Thursday.
Norway produces more than four million barrels of oil equivalent per day, almost equally divided between crude and natural gas, and the government aims to extend the life of its petroleum industry for decades to come.
The country's biggest business sector now expects to invest NOK266 billion ($28.64 billion) in 2026, up from NOK255 billion seen in February, the statistics office (SSB) survey showed.
However, the industry's overall investment is still set to decline slightly this year, from a record high of NOK273 billion in 2025, as companies trim capital expenditure at existing oil and gas fields, the survey found.
In 2027, the oil and gas industry initially expects to invest NOK207 billion, exceeding a previous forecast of NOK201 billion. Estimates for next year will typically rise in the coming months as additional projects are approved.
"It is nevertheless unlikely that new developments will be able to prevent a decline in oil and gas investments in 2027," SSB said.
Strong investment growth in recent years was driven by a series of offshore oil and gas projects approved in 2022 under temporary tax incentives, most of which will be completed by next year.
The increase in investment this year was partly due to a decision by ConocoPhillips and its partners to invest some NOK20 billion until 2028 to restart production at three previously shuttered fields in the Greater Ekofisk area of the North Sea, SSB said.
(Reporting by Nerijus Adomaitis and Terje Solsvik, editing by Essi Lehto, Aidan Lewis)