Norway Oil Producers Raise 2026 Capex Forecast to NOK 266 Billion

Norwegian oil and gas companies lifted 2026 capital expenditure forecasts to NOK 266 billion, up from NOK 255 billion three months earlier, signaling sustained spending despite an overall decline from 2025 records. This follows Goldman Sachs’ May 26 assessment that higher oil prices are unlikely to derail U.S. capex growth, which the bank raised to 7.8% for 2026. A key driver is ConocoPhillips’ NOK 20 billion redevelopment of three North Sea fields targeting 90–120 million boe. Norway’s increased outlook reinforces institutional views that energy investment remains resilient into 2027.