Oslo, Norway – Companies in Norway’s oil and gas, manufacturing, mining, quarrying, and electricity supply sectors have projected robust investment growth for 2023 and 2024, with oil and gas activities driving the upward trend. According to the latest estimates, the growth is set to continue in both years, indicating positive prospects for the country’s energy industry.
The investment survey conducted during the second quarter of this year reveals that the total investments within the mentioned sectors for 2023 amount to NOK 275.9 billion. This represents a significant increase of 19 percent compared to the corresponding figure for 2022. The surge in investments can primarily be attributed to the substantial growth in oil and gas activities and manufacturing investments. Additionally, investments in electricity supply have also made a positive contribution to the overall increase.
Figure 1 illustrates the estimated investments in millions of current Norwegian Kroner (NOK) collected in the second quarter of the respective years, providing a visual representation of the upward trend.
Furthermore, the projected growth for 2024 is driven by the expectation of increased investments in both oil and gas activities and electricity supply. While manufacturing investments also contribute positively to the growth, the rate of increase is more moderate compared to 2023. For more detailed information regarding investments within the oil and gas industry, please refer to the accompanying article.
To provide a snapshot of the investment landscape, seasonally-adjusted figures reveal the following development in quarterly final investments from the fourth quarter of 2022 to the first quarter of 2023:
- Oil and gas: 4.4%
- Manufacturing: 23.6%
- Electricity supply: 4.2%
Figure 2 presents the final investments per quarter, represented in an index format, with 2005 as the base year, and reflects the seasonally adjusted growth.
The positive investment outlook for Norway’s energy industry in the coming years is expected to drive economic growth and further solidify the country’s position as a key player in the global energy market.