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flag Norwegian oil firms to drill 18% fewer wells in 2026 due to high costs and fewer prospects.

flag Norwegian oil companies plan to drill 18% fewer exploration wells in 2026, dropping to 37 from 45 in 2025, due to completed major projects, fewer viable prospects, and rising costs. flag Investment in oil and gas is expected to fall 4% to 270 billion crowns ($26.8 billion), less than earlier forecasts of an 8% drop. flag The government aims to maintain Norway’s status as Europe’s top oil producer with a new licensing round in underexplored areas like the Barents Sea. flag The decline will likely affect platform construction and large-scale development firms, while subsea, maintenance, and drilling services may be less impacted. flag Statistics Norway also forecasts lower oil investment next year.

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