Dec 5, 2025
Norwegian oil companies will reduce exploration well drilling by 18% in 2026.
Oil companies in Norway are expected to drill 18% fewer exploration wells next year as they shift their focus to existing production sites, according to a survey released on Thursday. This trend may pose challenges to the government's objective of maintaining output from Europe’s largest oil producer.
The Norwegian government aims for increased exploration to support its oil and gas production; however, Offshore Norway's survey indicates that drilling and investment activities will decrease in the coming year. Companies like Equinor, Aker BP, and Vaar Energi intend to drill about 37 exploration wells in 2026, a drop from the 45 wells drilled this year.
Offshore Norway noted that this reduction stems from companies prioritizing production drilling and a decrease in promising prospects. Meanwhile, the government is set to initiate a new exploration licensing round next year in less explored areas, such as the Barents Sea.
Overall, oil and gas investments in Norway are anticipated to decrease by 4% to 270 billion crowns ($26.83 billion) in 2026 compared to this year, as major ongoing development projects are nearing completion. Although this projected investment decline is less severe than the previously forecasted 8%, it is primarily attributed to rising costs, the expansion of some projects, and a greater emphasis on extracting resources from existing fields.
Statistics Norway (SSB) has also predicted a decline in petroleum investments for next year. This downturn is expected to impact the country’s extensive supplier industry, which is already facing challenges, particularly affecting companies involved in the construction of oil platforms and major development completions. In contrast, suppliers offering subsea services, maintenance, and drilling rigs are expected to be less adversely impacted despite the overall slowdown.
The Norwegian government aims for increased exploration to support its oil and gas production; however, Offshore Norway's survey indicates that drilling and investment activities will decrease in the coming year. Companies like Equinor, Aker BP, and Vaar Energi intend to drill about 37 exploration wells in 2026, a drop from the 45 wells drilled this year.
Offshore Norway noted that this reduction stems from companies prioritizing production drilling and a decrease in promising prospects. Meanwhile, the government is set to initiate a new exploration licensing round next year in less explored areas, such as the Barents Sea.
Overall, oil and gas investments in Norway are anticipated to decrease by 4% to 270 billion crowns ($26.83 billion) in 2026 compared to this year, as major ongoing development projects are nearing completion. Although this projected investment decline is less severe than the previously forecasted 8%, it is primarily attributed to rising costs, the expansion of some projects, and a greater emphasis on extracting resources from existing fields.
Statistics Norway (SSB) has also predicted a decline in petroleum investments for next year. This downturn is expected to impact the country’s extensive supplier industry, which is already facing challenges, particularly affecting companies involved in the construction of oil platforms and major development completions. In contrast, suppliers offering subsea services, maintenance, and drilling rigs are expected to be less adversely impacted despite the overall slowdown.