Norway oil companies raise investment outlook, survey shows

Thursday 28 May 2026 - 10:45

Norwegian oil and gas companies have revised their investment expectations upward for the years 2026 and 2027, according to a recent quarterly industry survey. Despite this revision, overall spending is still projected to remain below the record levels achieved in 2025.

The survey shows that the country’s energy sector, which is the largest part of Norway’s economy, continues to maintain strong activity. Norway remains one of the world’s major producers of oil and natural gas, with output exceeding four million barrels of oil equivalent per day.

Companies are now expected to invest around 266 billion Norwegian kroner in 2026, an increase compared to earlier estimates made earlier in the year. This upward revision is partly linked to additional development projects, including those expanded by major operators such as ConocoPhillips.

However, the forecast still indicates a slight decline compared to 2025, a year marked by historically high investment levels reaching approximately 273 billion kroner. This suggests that while the sector remains strong, companies are becoming more cautious with spending in existing oil and gas fields.

For 2027, investment is projected to reach about 207 billion kroner, slightly higher than previous expectations. Analysts note that these figures may continue to change as new projects receive approval in the coming months.

Norwegian authorities continue to support the long-term development of the petroleum industry, aiming to sustain production for decades while balancing economic growth and energy transition goals.