Norwegian oil and gas investments are projected to reach an all-time high this year, hitting Nkr246.9bn ($23.58bn) by the end of 2024 and surpassing the previous February estimate of Nkr243.6bn.

In addition, levels of inflowing cash are anticipated to remain robust going into 2025 due to new oil and gas developments and the impact of inflation, estimates from a survey conducted by Norway’s National Statistics Office (SSB) said on 28 May.

The latest figure also exceeds the previous record of Nkr224bn set in 2014 and is a 1.3% increase since the last survey was conducted.

The historical data going back 21 years also indicates that, on average, the February estimate for annual investment has been 2.4% lower than the final investments.

With the exception of 2023, none of the years have seen final investments that exceeded the May estimate by more than 8.8%.

For 2025, total investment in oil and gas operations in Norway, including pipeline transportation, is projected to be Nkr216bn, approximately Nkr11bn higher than the previous estimate.

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The rise is primarily due to increased projections for field development and exploration.

The survey said: “There are no such artificial reasons for the strong forecast growth for 2024. The increase is linked to high price growth throughout last year, largely as a result of the devaluation of the krone.”

The survey added that investments in several developments were “forced relative to initial plans, which has increased planned activity in 2024.”

According to the 2024 investment estimates, companies are also planning to significantly increase their investments in the oil and gas, manufacturing, mining and quarrying, and electricity supply industries.

Moreover, the early estimates suggest that this growth trend will continue into 2025. The SBB added that 2025’s expected increase is “mainly due to the projection of a further increase in investments for both oil and gas activities and electricity supply.

“Manufacturing investment also contributes positively to this increase, but the increase here is more moderate.”

Crude oil production in Norway stood at 1.69 million barrels per day (mbbl/d) in 2022, according to research by GlobalData. Oil production will peak by 2024 with 2mbbl/d, representing a 1% increase to 2023 levels, and stay in a plateau until 2028.