Published by Global Banking & Finance Review®
Posted on February 12, 2026
2 min readLast updated: February 12, 2026
Add as preferred source on GoogleNorway's oil investments are forecasted to decline by 2026 due to completed projects and fewer new developments, with potential impacts from cost inflation.
OSLO, Feb 12 (Reuters) - Norwegian oil and gas investments are expected to decline this year and next as many field developments are completed while fewer new projects begin, a quarterly survey of the industry showed on Thursday.
Norway produces about 2% of global oil and meets about 30% of Europe's gas needs, after becoming its largest pipeline gas supplier following Russia's invasion of Ukraine in 2022.
The Nordic country's biggest business sector expects to invest 255 billion Norwegian crowns ($27 billion) this year, down from a record 273 billion crowns in 2025, Statistics Norway said.
Investments may be impacted, however, by cost inflation or new project additions, leaving the 2026 level subject to change.
"It is expected that a few more projects will have plans for development and operations (PDOs) submitted this year, which will increase the field development estimate for 2026 beyond what is included in this count," Statistics Norway added.
The 2025 estimate was down from 275 billion crowns seen in a survey published last November. The estimates for this year were up from 249 billion crowns previously.
Strong investments growth over the last three years was driven by a series of offshore oil and gas projects approved in 2022 under temporary tax incentives.
The initial estimate for 2027 investments stood at 201 billion crowns, mainly related to investments in already operating fields, which also includes some smaller developments of near-field discoveries, Statistics Norway said.
The largest ongoing developments are expected to be completed in 2027, and will not be fully replaced by new developments, it added.
($1 = 9.4869 Norwegian crowns)
(Reporting by Nerijus Adomaitis, editing by Alex Richardson and Terje Solsvik)
Oil investment refers to the allocation of capital into oil exploration, production, and distribution projects, aiming to generate returns from oil sales.
Cost inflation is the increase in the prices of goods and services, which can affect the overall expenses of businesses, including those in the oil and gas sector.
Project developments are the processes involved in planning, financing, and executing projects, particularly in sectors like oil and gas, where new fields are explored.
A financial survey is a systematic collection of data regarding financial trends, investments, and economic conditions within a specific sector or market.
An investment estimate is a projection of the expected amount of capital that will be invested in a specific project or sector over a given period.
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