Norway oil investments set to decline in 2026, survey shows

Industry Overview - Norwegian oil and gas investments are projected to decline in 2026 as many field developments are nearing completion while fewer new projects are anticipated to start [1] - Norway currently produces about 2% of global oil and meets approximately 30% of Europe's gas needs, having become the largest pipeline gas supplier to Europe following Russia's invasion of Ukraine in 2022 [1] Investment Projections - The expected investment for 2026 is 255 billion Norwegian crowns ($27 billion), a decrease from the record 273 billion crowns in 2025 [1] - The 2025 investment estimate has been revised down from 275 billion crowns as reported in a previous survey, while the 2026 level remains subject to change due to potential cost inflation or new project additions [1] - The investment estimate for 2027 is projected at 201 billion crowns, primarily related to existing fields and smaller developments of near-field discoveries [1] Development Insights - Strong investment growth over the past three years was driven by a series of offshore oil and gas projects approved in 2022 under temporary tax incentives [1] - The largest ongoing developments are expected to be completed in 2027, and these will not be fully replaced by new developments [1]