North Sea oil and gas industry blooms with increasing production and investments

Norway and the UK have overcome recent challenges and are on course to achieve significant milestones due to notable increases in investments, exploration success and production. Solid oil and gas production from the region is also providing indispensable resources to Europe and the rest of the world navigating through the energy transition.

Investments in Norway’s oil and gas industry are expected to reach a record-high of about NOK  225 billion ($21 billion) in 2023. It comes as several key projects have been approved in recent years, driven by the country’s temporary tax regime, which was introduced to incentivize spending on the Norwegian continental shelf.

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