Statistics Norway noted that investments in Norway’s oil and gas sector have hit an all-time high during 2024, mainly due to inflation in the industry and higher development activity.
The previous record high was in 2014, when the previous record hit 228 billion Norwegian Kroner.
According to Statistics Norway, record-high investment levels in 2024 have been attributed to the development projects that started in 2022, which get significantly higher activity in their second year.
Furthermore, Statistics Norway explains that investments are expected to increase in 2025 “mainly due to significantly higher reported cost estimates on some development projects.”
Norway’s government notes that the country’s new subsea field, Johan Castberg, will increase the rise in oil production for 2025.