Offshore Norway (The Norwegian Oil and Gas Association) reported that it expects investments of NOK 240 billion ($22.83 billion or €20.79 billion) on the shelf in 2024, up from 220.5 billion in 2023.
Offshore Norway, which published the new forecast based on a survey of its members, had previously predicted 2024 oil and gas investments would amount to 194.3 billion crowns. The company explains it mainly by the increased scope of some ongoing development projects, as well as some modification projects on fields in operation.
In the coming years, we can expect a high level of investment. It provides jobs in large and small supplier companies throughout the country, will be important for ensuring Europe’s reliable energy and provides important income for the community, Offshore Norway quotes chief economist in its press release.
At the same time, the investments are estimated to fall gradually by 2027 as major projects are completed.
Significant oil and gas companies in Norway include Equinor (EQNR.OL), Aker BP (AKRBP.OL), Vaar (VAR.OL), ConocoPhillips (COP.N) and Shell (SHEL.L).
Norway is Western Europe's largest oil and gas producer, with a total output of just over 4 million barrels of oil equivalents per day (boepd).
While the country aims to achieve net zero greenhouse gas emissions by 2050, it also continues to explore and develop new oil and gas fields, including in the Arctic Barents Sea.