RoydadNaft –Oil and gas companies operating in Norway expect to invest a record 275 billion Norwegian crowns ($24.68 billion) in 2025, up from 263.7 billion this year and more than previously expected, the Offshore Norge industry association on Monday.

The industry group had previously predicted oil and gas investments for 2024 and 2025 would amount to 240 billion and 225.9 billion crowns respectively.

The higher investment activity was caused by an increased scope at several ongoing field developments in combination with the drilling of extra wells at existing fields, Offshore Norge said.

Companies also plan to spud 45 exploration wells in Norwegian waters next year, up from 41 so far in 2024 and the highest level since 2019, the group added.

Norway is western Europe’s largest oil and gas producer, with a total output of just over 4 million barrels of oil equivalent per day (boed), and aims to extend production for decades to come.