Norway eyes oil & gas investments of nearly $23 billion next year

August 14, 2025, by Melisa Cavcic

Statistics Norway, the Norwegian statistics bureau, has revealed a spike in estimates for oil and gas spending in 2026, which is anticipated to hit NOK 230 billion (approximately $22.55 billion), thanks to higher price estimates in the production drilling segment.

Troll C platform in the North Sea; Source: Equinor

As total investments in oil and gas activities, including pipeline transportation, are expected to reach NOK 230 billion next year, this represents an 11% increase from the sum estimated in the previous quarter, according to Statistics Norway, which highlights that oil companies’ investment estimates for 2026 are 4.5% lower than the corresponding estimate for 2025, driven by lower investment plans in field development.

The Norwegian Offshore Directorate (NOD) warned in 2024 that over $1.42 trillion (NOK 15 trillion) was at risk of being lost if Norway did nothing to ramp up its search for remaining hydrocarbon resources on the Norwegian Continental Shelf (NCS) and employ new technology to increase production levels.

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Following a recent upward revision, the spending for oil and gas extraction and pipeline transport is estimated at NOK 275 billion (around ($26.9 billion) in 2025, which is 2.1% higher than previously estimated and 6.9% higher than the corresponding estimate for last year, mainly due to much higher investments in fields on stream, alongside exploration and concept studies, onshore activities, and pipeline transport.

On the other hand, the statistics show that field development, shutdown, and removal were higher in 2024; thus, the growth for these areas is on a downward spiral in 2025. Regarding the estimates for next year, the multibillion-dollar investments are expected to be driven by fields on stream, field development, onshore activities, and shutdown and removal.

While the boost will be supported by the decision to initiate new projects and drilling campaigns across several fields, with production drilling contributing the most to the rise within fields that are already online, exploration and pipeline transportation segments are expected to assist in mitigating the hike in estimates.

Equinor, the Norwegian state-owned energy giant, revealed its investment game plan last year, outlining annual injections of $5.7 – $6.6 billion into the Norwegian oil and gas ecosystem by 2035 to keep the daily production level at around 1.2 million barrels during the next ten years while halving emissions by 2030 in line with the Paris Agreement.

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Based on the Norwegian statistics bureau’s data, investments of NOK 132 billion ($12.9 billion) in the first half of 2025, said to be up 11% from the sum made in the first half of 2024, are forecast to be eclipsed by investments of NOK 143 billion ($13.98 billion) in the second half of the year, mostly prompted by increased planned activity in production drilling, which is perceived to be sensitive to changes and volatility in oil and gas prices.

Statistics Norway’s Ståle Mæland emphasized: “With lower and more volatile oil prices over the past four months and lower gas prices so far this year, there is a risk that some of the planned drilling campaigns may be postponed. Historical figures from the statistics show that the estimate for investment measurement in August in the statistical year has averaged about 3.2 percent higher than the final investment figures over the past 20 years.

“However, in two of the last three years, the estimate given in August has been lower than the final figures. This, along with the relatively low growth projected for the second half in the census’s estimate, makes it entirely possible that the investments currently estimated for 2025 will be realized.”