Best exploration year in several years
1/8/2026 Last year's exploration result was among the best in several years, according to the Norwegian Offshore Directorate's summary of activity on the Norwegian continental shelf (NCS) in 2025.
Having said that, continued investments in exploration and development of discoveries and fields will be needed to offset the anticipated decline in production.
"It's truly inspiring that successful exploration can still be achieved on such a mature shelf," says Torgeir Stordal, Director General of the Norwegian Offshore Directorate.
Last year was the second-best exploration year in ten years –surpassed only by 2021. Many discoveries were made, some of which were significant. Several discoveries are the result of applying advanced new technology. Among other things, more than ten kilometres of wellbores have been drilled.
Summarising the year on the shelf
"The Shelf in 2025" is a summary of activity on the Norwegian continental shelf (NCS) over the past year: Exploration and production results, as well as investment and production forecasts for the next five years.
Both production and investments were very high in 2025. Oil production (106 million standard cubic metres is the highest since 2009. Production from the NCS is nearly equally distributed between oil and gas. A total of 120 billion standard cubic metres was sold, which represents a minor reduction from the record-breaking year of 2024.
"We expect gas production to remain at this level over the next three to four years. Norwegian gas accounts for about 30 per cent of EU gas consumption, and Norway is Europe's largest supplier after cutting off Russian gas," Stordal says.
Exploration and investments are needed
In 2026, the Norwegian Offshore Directorate expects investments of NOK 256 billion, a reduction of 6.5 per cent from last year. Leading up to 2030, we expect the investment level to decline gradually due to the completion of development projects without equivalent new projects to replace them.
Toward the end of the 2020s, the Directorate expects a reduction in overall production. A number of new field development decisions will be needed to slow this anticipated decline. It will also be important to maintain high exploration activity. Failing to invest will lead to a substantial dismantling of the petroleum industry.
There is significant interest in secure storage of CO2 on the NCS. 2025 saw the establishment of the world’s first full-scale value chain for carbon capture and storage. The Norwegian Offshore Directorate also mapped mineral resources and environmental conditions in the relevant areas.
(English subtitles)
Updated: 1/8/2026