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Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedSep 28, 2025
DataAggregated Company Financials
Companies22
  • 7D5.8%
  • 3M3.9%
  • 1Y1.9%
  • YTD-2.9%

Over the last 7 days, the Oil and Gas industry has risen 5.8%, driven by gains from Equinor of 5.8%. In the same time, Bruton was down 10%. The industry has been flat over the past 12 months despite the gain this week. Looking forward, earnings are forecast to grow by 4.1% annually.

Industry Valuation and Performance

Has the Norwegian Oil and Gas Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Sep 2025NOK 1.0tNOK 1.4tNOK 104.2b8.7x9.8x0.8x
Tue, 26 Aug 2025NOK 992.1bNOK 1.4tNOK 108.2b9.1x9.2x0.7x
Thu, 24 Jul 2025NOK 975.4bNOK 1.4tNOK 117.7b7.1x8.3x0.7x
Sat, 21 Jun 2025NOK 1.1tNOK 1.4tNOK 126.6b7.1x8.9x0.8x
Mon, 19 May 2025NOK 994.9bNOK 1.4tNOK 131.6b4.8x7.6x0.7x
Wed, 16 Apr 2025NOK 970.0bNOK 1.4tNOK 136.1b4.3x7.1x0.7x
Fri, 14 Mar 2025NOK 1.0tNOK 1.4tNOK 136.6b4.8x7.5x0.7x
Sun, 09 Feb 2025NOK 1.1tNOK 1.5tNOK 146.1b5.3x7.4x0.7x
Tue, 07 Jan 2025NOK 1.1tNOK 1.5tNOK 152.3b4.5x7.5x0.7x
Thu, 05 Dec 2024NOK 1.1tNOK 1.5tNOK 148.5b5.3x7.3x0.7x
Sat, 02 Nov 2024NOK 1.0tNOK 1.5tNOK 142.3b4.3x7.3x0.7x
Mon, 30 Sep 2024NOK 1.1tNOK 1.4tNOK 141.7b4.9x7.4x0.7x
Wed, 28 Aug 2024NOK 1.2tNOK 1.4tNOK 140.8b5.9x8.2x0.8x
Fri, 26 Jul 2024NOK 1.2tNOK 1.5tNOK 147.4b5.4x7.8x0.8x
Sun, 23 Jun 2024NOK 1.3tNOK 1.4tNOK 143.1b5.3x8.8x0.9x
Tue, 21 May 2024NOK 1.3tNOK 1.4tNOK 145.0b8.3x8.8x0.9x
Thu, 18 Apr 2024NOK 1.3tNOK 1.5tNOK 172.2b6.8x7.5x0.9x
Sat, 16 Mar 2024NOK 1.2tNOK 1.5tNOK 166.7b6.6x7.1x0.8x
Mon, 12 Feb 2024NOK 1.2tNOK 1.4tNOK 169.3b6.2x7x0.8x
Wed, 10 Jan 2024NOK 1.3tNOK 1.5tNOK 224.0b5.3x6x0.9x
Fri, 08 Dec 2023NOK 1.4tNOK 1.6tNOK 235.4b5x5.9x0.9x
Sun, 05 Nov 2023NOK 1.5tNOK 1.6tNOK 241.8b6.2x6.3x1x
Tue, 03 Oct 2023NOK 1.4tNOK 1.8tNOK 310.9b5.3x4.6x0.8x
Thu, 31 Aug 2023NOK 1.4tNOK 1.7tNOK 301.9b5.5x4.5x0.8x
Sat, 29 Jul 2023NOK 1.3tNOK 1.7tNOK 289.9b6.3x4.4x0.8x
Mon, 26 Jun 2023NOK 1.3tNOK 1.9tNOK 359.4b6.3x3.6x0.7x
Wed, 24 May 2023NOK 1.3tNOK 1.9tNOK 365.0b6.7x3.6x0.7x
Fri, 21 Apr 2023NOK 1.3tNOK 1.9tNOK 354.1b6.4x3.7x0.7x
Sun, 19 Mar 2023NOK 1.3tNOK 1.9tNOK 358.3b6.3x3.5x0.6x
Tue, 14 Feb 2023NOK 1.4tNOK 1.8tNOK 329.8b8.2x4.4x0.8x
Thu, 12 Jan 2023NOK 1.4tNOK 1.8tNOK 283.8b7.7x4.8x0.8x
Sat, 10 Dec 2022NOK 1.5tNOK 1.8tNOK 282.8b8.2x5.4x0.9x
Mon, 07 Nov 2022NOK 1.7tNOK 1.8tNOK 286.8b10.3x6x0.9x
Wed, 05 Oct 2022NOK 1.6tNOK 1.6tNOK 203.3b8.3x7.9x1x
Price to Earnings Ratio

7.9x


Total Market Cap: NOK 1.6tTotal Earnings: NOK 203.3bTotal Revenue: NOK 1.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 6.5x202320242025
Current Industry PE
  • Investors are optimistic on the Norwegian Oil and Gas industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 9.8x which is higher than its 3-year average PE of 6.5x.
  • The industry is trading close to its 3-year average PS ratio of 0.79x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 20% per year over the last three years,
  • Revenues have also declined 5.5% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Norwegian Energy industry?

NO Market1.34%
Energy4.64%
Oil and Gas5.77%
Oil and Gas Exploration and Production6.62%
Integrated Oil and Gas5.84%
Oil and Gas Storage and Transportation1.87%
Oil and Gas Refining and Marketing0%0
Coal and Fuels-6.78%
Industry PE
  • Investors are most optimistic about the Oil and Gas Exploration and Production industry which is trading above its 3-year average PE ratio of 11.5x.
    • Analysts are expecting annual earnings growth of 19.3%, which is higher than its past year's earnings decline of 38.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 19% over the next 5 years.
  • This is better than its past earnings decline of 39% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings decline by 107% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EQNR EquinorNOK 257.505.8%
+NOK 35.5b		-2.1%PE7.9x
AKRBP Aker BPNOK 263.305.7%
+NOK 9.0b		17.3%PE22.9x
VAR Vår EnergiNOK 35.498.3%
+NOK 6.8b		9.2%PE14.6x
DNO DNONOK 16.007.5%
+NOK 1.1b		41.0%PS2x
BWE BW EnergyNOK 47.259.0%
+NOK 1.0b		106.3%PE5.7x

Latest News

BNOR
NOK 472.00
BlueNord
7D
4.0%
1Y
4.8%

Tyra Hub's Expansion Will Drive Increased Production Stability By 2025

BlueNord's fair value target was revised down to NOK602.00, as a sharp increase in the future P/E multiple outpaced even the improved revenue growth outlook. What's in the News BlueNord revised its Tyra Q4 2025 production guidance down to 21.0–27.0 mboepd from 26.0–30.0 mboepd.
CLCO
NOK 92.80
Cool
7D
17.6%
1Y
-20.9%
DNO
NOK 16.00
DNO
7D
7.5%
1Y
41.0%
HAFNI
NOK 62.22
Hafnia
7D
2.1%
1Y
-17.5%
BWLPG
NOK 153.50
BWG
7D
-0.5%
1Y
1.7%

BWG (OB:BWLPG) Could Be Struggling To Allocate Capital

Sep 23
BWG (OB:BWLPG) Could Be Struggling To Allocate Capital
BWE
NOK 47.25
BW Energy
7D
9.0%
1Y
106.3%
EQNR
NOK 257.50
Equinor
7D
5.8%
1Y
-2.1%

Accelerated Decarbonization Will Undermine Oil Revenues And Gas Cash Flows

The consensus price target for Equinor has been revised down to NOK250.44 as analysts express concern over weaker commodity prices, disappointing near-term earnings, limited growth prospects, and declining cash returns, with prior bullish views turning more cautious amid deteriorating market conditions. Analyst Commentary Bearish analysts cite expectations of lower commodity prices and disappointing near-term earnings, particularly in oil & gas and low carbon segments.
VAR
NOK 35.49
Vår Energi
7D
8.3%
1Y
9.2%

Jotun FPSO And Johan Castberg Ramps Will Boost Industry Potential

A sharp increase in Vår Energi’s future P/E ratio, likely reflecting lower earnings expectations, has driven a slight decrease in the consensus analyst price target from NOK38.07 to NOK37.05. What's in the News Jotun FPSO reached peak production ahead of schedule, now producing over 80 kboepd gross, supporting ongoing development of the Balder field, with Balder Phase V and VI projects underway to maintain high output.
ADS
NOK 2.10
ADS Maritime Holding
7D
-3.7%
1Y
5.5%
BRUT
NOK 70.00
Bruton
7D
-10.3%
1Y
n/a
HUNT
NOK 1.36
Hunter Group
7D
-1.4%
1Y
-26.1%
IOX
NOK 1.35
Interoil Exploration and Production
7D
-2.0%
1Y
-26.9%
HRGI
NOK 1.38
Horisont Energi
7D
-6.8%
1Y
-58.7%
AKRBP
NOK 263.30
Aker BP
7D
5.7%
1Y
17.3%

Yggdrasil Will Sustain Production But Profit Margins May Shrink Amid Emission Costs

Aker BP’s consensus price target was revised marginally lower as a sharp increase in its future P/E signals reduced earnings expectations despite stable discount rates. What's in the News Aker BP completed the Omega Alfa exploration campaign in the Norwegian North Sea, discovering 96-134 mmboe and significantly increasing resources in the Yggdrasil area.
PNOR
NOK 9.98
PetroNor E&P
7D
-1.4%
1Y
12.1%
GEOS
NOK 19.95
Golden Energy Offshore Services
7D
-0.3%
1Y
-3.2%