Statistics office conducts oil, gas investment survey
2024 forecast steady vs August, 2025 outlook raised
Rising costs drive up price of new field developments

OSLO, Nov 14 Reuters Investment in Norwegian oil and gas projects will rise to a record this year and may increase further in 2025 as inflation pushes up the costs of development, a national statistics office SSB survey showed on Thursday.

Norway in recent years sanctioned a raft of new fields as companies took advantage of pandemicera tax breaks to fasttrack projects, part of a national strategy to extend oil and gas production for decades to come.

The country39;s biggest business sector forecast alltimehigh investment of 256.1 billion crowns 22.9 billion in 2024, broadly in line with its 257.0 billioncrown estimate made in August and exceeding a record of 224 billion crowns from 2014.

Last year investment stood at 215 billion crowns, according to SSB.

Preliminary estimates for oil and gas investments in 2025 stood at 252.6 billion crowns, compared to an August estimate of 240 billion crowns, the survey showed.

The preliminary number for 2025 was 20 billion crowns higher than the corresponding forecast made one year ago for 2024, SSB said, signalling that next year could see another record, as estimates normally rise when companies firm up spending plans.

Oil companies had reported significantly higher expected costs for some development projects in 2025, SSB said without giving details on which fields…