Norwegian Oil and Gas Firms Lift 2026 Capex to NOK 266 Billion as ConocoPhillips Revives 3 Fields
Updated
Updated · OilPrice.com · May 28
Norwegian Oil and Gas Firms Lift 2026 Capex to NOK 266 Billion as ConocoPhillips Revives 3 Fields
4 articles · Updated · OilPrice.com · May 28
NOK 266 billion is now the industry's 2026 investment forecast, up from NOK 255 billion in February, while 2027 spending was raised to NOK 207 billion from NOK 201 billion.
ConocoPhillips' NOK 20 billion Greater Ekofisk redevelopment drove much of the increase, restarting drilling in Albuskjell, Vest Ekofisk and Tommeliten Gamma with 11 new wells tied back to existing infrastructure.
The project targets 90 million to 120 million barrels of oil equivalent and peak output of 36,000 gross boe per day, supporting Norway's role in supplying Europe with gas and condensate.
Even with the higher forecasts, total capex is still expected to slip from 2025's record as projects approved under Norway's 2022 tax incentives near completion and some of the increase reflects higher costs rather than more new developments.
Norway still produces more than 4 million boe per day, but analysts expect 2027 output to soften as older projects wind down before fresh approvals potentially lift next year's final investment estimates.
After these major oil projects complete, what is Norway's next move to secure its economic future?
With a 78% tax funding its welfare state, can Norway afford to stop developing new oil and gas?
How will Norway's defiance of U.S. trade claims impact its role as Europe's key energy supplier?