240 billion NOK to be invested on the Norwegian Continental Shelf in 2024

Total investments for 2024 are estimated at 240 billion Norwegian kroner, which corresponds to a growth of 9 percent from 2023 to 2024 measured in constant prices.

This is evident from Offshore Norway's press release about their recently presented investment analysis for the Norwegian Continental Shelf for the period 2024-2028.

After 2024, total investments are expected to gradually decline towards 2027. However, investments will remain at a high level in the coming years.

This is related to the sanctioning of a large number of projects at the end of 2022.

Read the full press release. (language: Norwegian)

Collaboration on the Shelf

While Offshore Norway's press release was published yesterday, Yngve Nilsen, Senior Advisor - Equpment Sharing of Offshore Norway was on stage at our Christmas seminar at CCB Subsea.

He shared how Offshore Norway works with the industry in terms of equipment sharing through Collabor8 - a digital equipment database that promotes sharing of subsea tools and equipment across oil companies and licenses.

The subsea industry stores equipment worth altogether 30-50 billion NOK just sitting there, and much of it is staying there for a long time.

By using Offshore Norge's digital platform , costs associated with mobilization, demobilization, classification, and other periodic maintenance can be significantly reduced. In addition, investments in new tools and tool systems can be shared by several operators.