Regional

Norwegian oil and gas companies to spend $24 billion in 2024

Norwegian oil and gas companies to spend $24 billion in 2024

 

Oil and gas companies operating on the Norwegian Continental Shelf will spend 247 billion kroner ($24 billion) this year, reflecting growth in investments for exploration and on existing fields.

Spending on oil and gas extraction and pipeline transport will jump by 15% in 2024, compared with the 215 billion kroner spent a year earlier, Statistics Norway said on Tuesday. Spending in 2025 is forecast to be 216 billion kroner, the agency said.

There will be “high investment activity next year on the many field developments that were started at the end of 2022,” Statistics Norway said. New pipelines to connect these developments, as well as greater activity to bolster output from fields already on stream, will further drive spending, they said.

There was a rush of development plans submitted toward the end of 2022, as Norwegian oil and gas companies sought to take advantage of Covid-era tax breaks. The price of crude plunged during the pandemic, sparking concerns over investment and job cuts in the industry.

Published: 29-05-2024

Share:

Subscribe for the Latest News and Updates

Marketing Permissions

OGV Energy will use the information you provide on this form to be in touch with you and to provide updates and marketing through the following methods:

  • Email
  • Direct Mail
  • Customised Online Advertising

Risk and Safety Management -OGV Magazine - Issue 97

Read the latest issue of the OGV Energy magazine

More News

Latest Magazine Banner

Risk and Safety Management -OGV Magazine - Issue 97 - SQ (2)

WellPro Group Banner

Cegal Banner

Leyton Banner

Advertise with OGV Energy Banner