Higher costs and ongoing field developments are set to boost oil and gas investments to a record high offshore Norway, the top hydrocarbon producer in Western Europe, according to new data from Statistics Norway. Total investments in oil and gas activity in 2024, including pipeline transportation, are estimated at an all-time high of $24 billion 257 billion Norwegian crowns, Statistics Norway said on Thursday in its third-quarter survey of oil companies’ investment plans.
“The higher estimate for field development is related to the fact that significantly higher costs have now been reported for some development projects than the operators had previously estimated,” according to Statistics Norway. Oil and gas investments offshore Norway are set to remain high in 2025, too. Next year, companies expect to invest a total of $22.45 billion 240 billion crowns, the latest survey showed.
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