Market Analysis

Norwegian oil and gas investments are projected to reach a record high this year and remain robust into 2025, according to a survey by the national statistics office (SSB) released on Tuesday.

The nation's largest business sector anticipates investing 246.9 billion Norwegian crowns ($23.58 billion) in 2024, an increase from the 243.6 billion crown estimate made in February, surpassing the previous record of 224 billion crowns set in 2014.

Preliminary estimates for 2025 oil and gas investments are 215.8 billion crowns, up from the previous estimate of 205 billion crowns made in February.

Forecasts typically rise as companies finalize their spending plans in the months leading up to the new year.

"The upward adjustment for 2025 is driven by higher estimates within the categories of field development and exploration," SSB stated.

SSB warned that while the early estimate for 2025 suggests another year of strong investment growth, the final outcome could show a slower trend as cost inflation stabilizes and the Norwegian crown currency steadies.

"Furthermore, there will be only a few new developments next year, which will contribute to relatively modest increases in the estimates for 2025," it added.

Paraphrasing text from "Reuters" all rights reserved by the original author.