Norwegian oil and gas companies have cut their projected investments for 2026 while raising the outlook for 2027 compared with estimates made three months ago, an industry survey by the statistics office (SSB) showed on Thursday.
The Nordic country's biggest business sector now expects to invest 266 billion Norwegian crowns ($27.80 billion) in 2026, down from 275 billion seen in August, while 2027 was raised to 237 billion from 227 billion.
The industry has warned that investment in new projects is set to decline as several major offshore developments approach completion and start production.
"The increase (for 2027) is mainly driven by higher numbers for field development and exploration," SSB said in a statement.
Norway produces more than 4 million barrels of oil equivalent per day, almost equally divided between crude and natural gas. Most of it is exported to Europe.
($1 = 9.5683 Norwegian crowns)
(Reuters - Reporting by Terje Solsvik, editing by Essi Lehto)