Norway oil and gas industry eyes record investment in 2025 (updated)

Okea ASA

16/12/2024 08:19

(Adds comparison, drilling plans, background in paragraphs 2-5)
       OSLO, Dec 16 (Reuters) - Oil and gas companies operating
in Norway expect to invest a record 275 billion Norwegian crowns
($24.68 billion) in 2025, up from 263.7 billion this year and
more than previously expected, the Offshore Norge industry
association on Monday.
        The industry group had previously predicted oil and gas
investments for 2024 and 2025 would amount to 240 billion and
225.9 billion crowns respectively.
  
    The higher investment activity was caused by an increased
scope at several ongoing field developments in combination with
the drilling of extra wells at existing fields, Offshore Norge
said.
        Companies also plan to spud 45 exploration wells in
Norwegian waters next year, up from 41 so far in 2024 and the
highest level since 2019, the group added.
  
        Norway is western Europe's largest oil and gas producer,
with a total output of just over 4 million barrels of oil
equivalent per day (boed), and aims to extend production for
decades to come.
  

($1 = 11.1415 Norwegian crowns)

 (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))