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Copper Tip Energy Services
Copper Tip Energy
Vista Projects


Norwegian Oil Companies to Make Record High Investments in 2024


These translations are done via Google Translate

The country’s biggest business sector now expects to invest 246.9 billion Norwegian crowns ($23.58 billion) in 2024, up from a 243.6 billion crown estimate made in February and exceeding a previous record of 224 billion in 2014.

Preliminary estimates for oil and gas investments in 2025 stood at 215.8 billion crowns, compared to a previous estimate of 205 billion crowns in February.

Reuters Graphics
Reuters Graphics

Forecasts will normally rise as companies firm up spending plans in the months leading up to a new year.

“The upward adjustment for 2025 is driven by higher estimates within the categories field development and exploration,” SSB said in a statement.

GLJ
ROO.AI Oil and Gas Field Service Software

SSB cautioned that while the early estimate for 2025 could indicate another year of strong investment growth, the final outcome may show a slower trend as cost inflation levels off and the crown currency stabilises.

“In addition, there will only be a few new developments in the next year, which will only contribute to relatively modest increases in the estimates for 2025,” it said.

($1 = 10.4705 Norwegian crowns)

 



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