February 13, 2025 [Reuters]- Norwegian oil and gas investments this year will exceed the record levels of 2024, driven by a flurry of development projects, a national statistics office (SSB) industry survey showed on Thursday.

The country’s biggest business sector forecast investment of 253.8 billion crowns ($22.61 billion) in 2025, up from 251.2 billion crowns last year. The previous estimate for 2025, made in November, was for 252.6 billion crowns.

The increase in the 2025 estimate was driven by plans to invest more in producing fields, new developments and onshore facilities, SSB said, and was partly offset by lower expected spending on exploration.

One company alone, Vaar Energi, Eni’s Norwegian subsidiary, said on Tuesday it expected to approve about eight new projects for development this year.

An initial estimate for 2026 investments, also released on Thursday, stood at 197 billion crowns.

The projection is set to be revised on a quarterly basis and could rise as new projects are added and cost estimates are updated.