Companies operating on the continental shelf in Norway plan to increase their investments in oil and gas by 15% in 2024; Bringing spending to 24 billion US dollars.

This increase represents a noticeable return to activity after the decline the industry witnessed during the Corona pandemic.

This increase in investments is due to two main factors: the rise in global energy prices, which has improved the profitability of exploration and production projects; Which encouraged companies to pump more money into these areas. The second factor is the Norwegian government providing generous tax incentives to oil and gas companies during the pandemic period. Which helped attract investments and support the sector.

The increase in spending is mainly allocated to exploration and development of existing fields, in addition to building new pipelines to connect these projects to the network.

Statistics Norway indicates that “significant investment activity” is expected in 2025; To address projects on which work began in late 2022.