Norway's oil and gas companies have increased their investment forecasts for 2026 and 2027, according to a quarterly survey by Statistics Norway (SSB). The country's largest business sector now expects to invest 266 billion Norwegian crowns ($28.64 billion) in 2026, up from the 255 billion crowns projected in the previous survey conducted in February.
Key Findings of the Survey
The survey, released on Thursday, highlights a positive shift in sentiment among oil firms operating on the Norwegian continental shelf. The revised outlook reflects higher activity levels and new project developments.
Investment Breakdown
- 2026: 266 billion crowns, a 4.3% increase from the February estimate.
- 2027: Preliminary estimates also show a rise, though specific figures were not detailed in the report.
The upward revision comes amid sustained global demand for oil and gas, coupled with Norway's stable regulatory environment. Companies are investing in enhanced oil recovery, exploration, and infrastructure upgrades.
Industry Context
Norway is Western Europe's largest oil and gas producer, and the sector accounts for roughly 20% of the country's GDP. The investment outlook is a key indicator for the broader economy, influencing employment and supply chain activity.
SSB noted that the 2026 estimate is still subject to change as companies finalize their plans. The next survey is scheduled for August 2026.
