Norway saw record levels of investment in its oil and gas (O&G) sector in 2024 and could see even more in 2025 as inflationary pressures drive up development and exploration costs, Statistics Norway, the national data office, has reported .

Total O&G investment, including pipelines, now stands at $22.9 billion (256 billion kroner) for this year, an all-time high, surpassing the previous record of $20.4 billion set in 2014 when oil prices rose .

Statistics Norway compiled the figures, which were published late Thursday, from a fourth-quarter survey of energy companies’ investment plans.

Conformable research by GlobalData, Offshore technologyIts parent company Norway’s crude oil production, mainly from shallow water fields, was estimated at 1.69 million barrels per day in 2022, with output expected to peak in the next few years and reach a plateau in 2028.

Statistics Norway said it expects the nation’s petroleum liquids production to rise 5.2 percent in 2025 from 2024 levels, with natural gas output falling slightly (1.6 percent).

In September, the Norwegian Offshore Directorate (NOD) announced that 21 companies they submitted applications for production licenses as part of the Award in Pre-Defined Areas 2024 (APA 2024) licensing round.

The APA, an annual event, targets well-known exploration areas on the Norwegian continental shelf that are not currently licensed, with most available exploration areas included.

Announced in May 2024, APA 2024 saw the area expand by a total of 37 blocks in the Barents Sea and Norwegian Sea.

NOD had previously called for higher levels of O&G exploration to prevent production decline. Many of Norway’s main offshore fields are maturing, with no new developments planned for the 2030s.

“Norway’s total oil investment to reach $22.9 billion in 2024” was originally created and published by Offshore technologya trademark owned by GlobalData.

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