Oil and gas firms operating on the Norwegian continental shelf are set to invest 247 billion kroner ($24 billion) this year, indicating increased investment in exploration and existing fields.
According to Statistics Norway, spending on hydrocarbon extraction and pipeline transport is expected to rise by 15% in 2024 compared to the previous year’s 215 billion kroner. The agency also forecasts spending to reach 216 billion kroner in 2025.
Norway is one of the world’s largest exporters of oil and gas, and the industry plays a crucial role in the nation’s prosperity.
The sector is primarily centered around exploration, production, and exportation of petroleum resources from the Norwegian continental shelf (NCS).
The Norwegian oil and gas sector is known for its advanced technology and innovation in offshore drilling, production techniques, and environmental practices.
Companies operating in Norway often pioneer new technologies to improve efficiency and minimize environmental impact.