Norway’s Oil and Gas Investments Surge: Forecast and Future Prospects

Statistics Norway has increased its forecast for Norway’s oil and gas investments in 2025 by 5.2

percent, totaling NOK 216 billion ($20.5 billion). This adjustment is attributed to higher growth

estimates for field development and exploration. The projection for 2025 suggests a nominal growth

of 19 percent compared to 2024. Production in the Hanz field and upcoming projects in the

Norwegian Barents Sea contribute to this growth. Despite optimism, concerns about future gas

exports to Europe post-2030 persist, prompting a focus on new gas discoveries and potential

expansions in export capacity. Additionally, the Norwegian Energy Ministry is encouraging

exploration in the Barents Sea, doubling production licenses offered in the region for APA 2024.