Norwegian oil companies eye record investments in 2024 and 2025
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OSLO, Feb 15 (Reuters) – Norwegian oil and gas companies plan to invest record amounts this year and next, amid a boom in offshore fields developments, with the increases also partly driven by cost inflation, a national statistics office (SSB) survey showed on Thursday.
The country’s biggest business sector now expects to invest 243.6 billion crowns ($23.0 billion) in 2024, up from 215.3 billion in 2023 and exceeding a forecast of 232 billion made in November.
“There is an increase in all main categories, but it is particularly increased estimates in fields on stream, field development and pipeline transportation that contribute to the upward adjustment,” SSB said in a statement.
A preliminary 2025 forecast indicated investment plans of 205.0 billion crowns for that year, a record-high early estimate, which will be revised in the coming quarters as more plans are laid out for next year.
“This is nominally the highest initial estimate given since these statistics were created,” SSB said of the preliminary 2025 forecast.
By comparison, 2024 investments were seen 12 months ago at 178.6 billion crowns but were since sharply raised.
Still, part of that rise is due to inflation. The cost of investment goods rose by some 10.5% in 2023 from 2022, meaning the oil industry’s volume growth is “clearly lower than the nominal growth measured in these statistics”, SSB said.
