Norwegian oil and gas companies to invest $23 million in offshore spending for 2024
(Bloomberg) – Oil and gas companies operating offshore Norway will spend an estimated 244 billion kroner ($23 billion) this year, 5% more than previously forecast.
An offshore oil platform in the North Sea, Norway. (Photographer: Carina Johansen/Bloomberg)
Investments in oil and gas extraction and pipeline transport are now forecast to be 13% higher in 2024, compared to a final investment figure of 215 billion kroner for 2023, Statistics Norway said on Thursday. Spending in 2025 is forecast to be 205 billion kroner, the agency said.
The higher estimate for 2024 offshore spending reflects greater investment in “fields on stream, field development and pipeline transportation,” the statistics office said. “Markedly higher” spending on field development contributed to a 22% increase in investment in 2023 compared with 2022.
