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Q1 '24 Oil and Gas Survey Provides Context To Q4 '23 GDP Print

NORWAY
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Statistics Norway's Q1 '24 Oil and Gas Investment survey showed that final investments in oil and gas in Q4 2023 were 5.8% above Q3's levels in seasonally adjusted terms. This provides additional context to yesterday's GDP data, where overall Q4 '23 GDP was +1.5% Q/Q, while mainland GDP was +0.2% Q/Q.

  • Estimated 2024 investments in oil and gas activity, including pipeline transportation, were revised up by 5% in Statistics Norway's Q1 '24 survey. Companies surveyed in the latest report expect NOK244bln of investments through the year. The previous survey had this figure at NOK232bln.
  • Companies expect 2025 investment at NOK205bln (vs NOK244bln est. in 2024 and NOK215bln act. In 2023), due to "higher estimates in fields on stream", per the release. Estimates for 2025 field development were -1.5% lower than in 2024, though this is largely due to the late-2022 plan for development and operation (PDO), which has pushed up field development investments in 2023 and 2024.
  • Field development resulting from the above PDO helped 2023 final investments of NOK215bln sit around 22% higher than 2022 (field investments were 52% in 2023 than 2022).
  • Final investments for 2023 covering oil and gas, manufacturing, mining and quarrying and electricity supply were NOK290bln, 22% more than in 2022. Alongside the above 22% rise in oil and gas investments, manufacturing investments rose 29% in 2023 (vs 2022), electricity, gas and steam investments rose 11%.

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Statistics Norway's Q1 '24 Oil and Gas Investment survey showed that final investments in oil and gas in Q4 2023 were 5.8% above Q3's levels in seasonally adjusted terms. This provides additional context to yesterday's GDP data, where overall Q4 '23 GDP was +1.5% Q/Q, while mainland GDP was +0.2% Q/Q.

  • Estimated 2024 investments in oil and gas activity, including pipeline transportation, were revised up by 5% in Statistics Norway's Q1 '24 survey. Companies surveyed in the latest report expect NOK244bln of investments through the year. The previous survey had this figure at NOK232bln.
  • Companies expect 2025 investment at NOK205bln (vs NOK244bln est. in 2024 and NOK215bln act. In 2023), due to "higher estimates in fields on stream", per the release. Estimates for 2025 field development were -1.5% lower than in 2024, though this is largely due to the late-2022 plan for development and operation (PDO), which has pushed up field development investments in 2023 and 2024.
  • Field development resulting from the above PDO helped 2023 final investments of NOK215bln sit around 22% higher than 2022 (field investments were 52% in 2023 than 2022).
  • Final investments for 2023 covering oil and gas, manufacturing, mining and quarrying and electricity supply were NOK290bln, 22% more than in 2022. Alongside the above 22% rise in oil and gas investments, manufacturing investments rose 29% in 2023 (vs 2022), electricity, gas and steam investments rose 11%.