Development in the player landscape
There were 24 oil and gas companies on the NCS in 2024, which is the lowest number since activity started. A number of large international companies have sold their stakes, and considerable consolidation of companies has taken place. This in return has helped several other companies to bolster their positions.
Company categories
For the purposes of this study, the companies are divided according to strategy and business segment, including size (in the form of market value), geographical origin, whether the company takes stakes in the entire or just parts of the value chain, as well as ownership interests in production licences (Figure 2.1). A more detailed description of company categories is provided in the table below.
| Company category | Description |
|---|---|
| Norwegian state owned companies | Companies wholly or partly owned by the Norwegian state, with operations on the Norwegian continental shelf (NOCs) |
| Norwegian oil and gas specialists | Public companies primarily focused on oil and gas activities on the Norwegian continental shelf |
| Exploration companies | Companies engaged solely in oil and gas exploration, without production activity |
| E&P companies | Companies engaged in both exploration and production, mainly on the Norwegian continental shelf |
| Oil and gas investors | Companies involved in exploration and production, financed by investment funds or private equity |
| European industrial/energy companies | Large European energy corporations with industrial operations and a broad energy profile, including oil, gas, refining, and chemicals |
| International oil and gas companies | International oil and gas companies, excluding North American ones, including both state-owned (NOCs) and private companies |
| US majors | Large integrated American oil and gas companies |
| European majors | Large integrated European oil and gas companies |
| North American oil and gas companies | North American oil and gas companies, including both integrated and independent players |
Figure 2.1 Company categories and companies on the NCS (as of 31 December 2024). The figure shows all companies that were active as of 31 December 2024, distributed by company category.
The development in total number of companies and number within the various company categories is shown in Figure 2.2.
2.2 Player landscape on the NCS
The total number of companies peaked in 1980-1982 with 44 companies and in 2013 with 57 companies. There were 24 companies in 2024, the lowest number since this activity commenced on the NCS.
History and evolution
North American oil and gas companies have had a long history on the NCS, with a significant presence since the very beginning in 1965 (Figure 2.2). These companies, along with other major international companies, have played an important role in building up expertise and infrastructure on the NCS. The number of companies in this category started to decline from the 1980s and disappeared entirely in 2022.
The need for a broader player landscape emerged as the maturing NCS was more thoroughly explored and several major international companies merged. There was still a need for the major international companies to take on the more demanding and capital-intensive projects. At the same time, it was important to attract companies that had a greater focus on smaller projects.
In the early 2000s, the authorities implemented several measures to make it easier and more attractive for new players to enter the NCS. Examples include a prequalification system for companies, Awards in predefined areas (the NSA/APA rounds) and the exploration reimbursement scheme. Together with rising oil prices, these measures led to an increase in both the number and diversity of companies. This was particularly evident in the Exploration companies and European industrialists/energy companies categories, where many new players entered the NCS during this time. Moreover, groups such as Oil and gas investors and Oil and gas specialists gained a foothold and contributed towards broadening company diversity.
Oil prices fell dramatically during the last half of 2014 – from more than USD 100 per barrel to under USD 50 per barrel by the end of the year. In an international perspective, this led to considerable consolidation of companies. Many major players reduced investments, and cost-cutting became a main focus. This, in combination with a more mature NCS, contributed to the exit of several international companies.
In recent years, there have been several company consolidations on the NCS, which has resulted in companies strengthening their positions, while European industry/energy companies have increased their commitments to renewable energy and have, in part, sold or reduced their ownership stakes on the NCS.
This Sankey diagram for the period 2018–2025 (Figure 2.3) illustrates how the player landscape on the NCS has been reshaped through consolidation and strategic shifts.
Figure 2.3 Mergers and divestments of companies 2018-2025.
There has been an increase in the number of Oil and gas investors, as well as the introduction of a new category: Norwegian oil and gas specialists.
Seven new companies have entered the NCS during these years, while 8 have exited. At the same time, 15 companies have been absorbed through acquisitions. European industry/energy companies have declined from 13 to 3 companies, while Major American companies and Exploration companies have, in part, withdrawn from the NCS.
Information about the Sankey diagram
This diagram distinguishes between companies that purchase the assets of a company (ownership interests in production licences) and the acquisition of an entire company. On the left in this visualisation, we see all companies that had ownership interests in production licences in the course of 2018 and all companies that have entered the Norwegian continental shelf (NCS) during the period 2018-2025. On the right side we find all companies that have ownership interests in production licences on the NCS up to the current date, and all companies that have exited the NCS during the period.
Figure 2.4 illustrates entry and exit of companies between 2013 and 2024.
Figure 2.4 Entry and exit of companies on the NCS 2013-2024 (based on ownership interests in production licences as of 31 December 2024).
Updated: 12/11/2025