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Norwegian oil firms to drill 18% fewer wells in 2026 due to high costs and fewer prospects.
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.
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.
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.
The decline will likely affect platform construction and large-scale development firms, while subsea, maintenance, and drilling services may be less impacted.
Statistics Norway also forecasts lower oil investment next year.
Las empresas petroleras noruegas perforarán un 18% menos de pozos en 2026 debido a los altos costos y a las menores perspectivas.