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Norwegian (OSEAX) Oil and Gas Exploration and Production Industry Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies8
  • 7D2.5%
  • 3M31.3%
  • 1Y34.0%
  • YTDn/a

Vår Energi is up 6.6%, leading the way for the Oil and Gas Exploration and Production industry, which has gained 2.9%. This takes the industry's 12 month performance to a gain of 37%. Looking forward, earnings are forecast to grow by 30% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Mar 2026NOK 254.3bNOK 149.7bNOK 2.3b20.1x110.5x1.7x
Wed, 11 Feb 2026NOK 295.1bNOK 220.8bNOK 13.9b11x21.2x1.3x
Fri, 09 Jan 2026NOK 282.3bNOK 233.6bNOK 15.0b10.9x18.8x1.2x
Sun, 07 Dec 2025NOK 282.4bNOK 233.9bNOK 15.0b10.5x18.8x1.2x
Tue, 04 Nov 2025NOK 293.0bNOK 232.5bNOK 15.3b8x19.1x1.3x
Thu, 02 Oct 2025NOK 289.9bNOK 226.9bNOK 14.5b8.2x19.9x1.3x
Sat, 30 Aug 2025NOK 288.8bNOK 230.0bNOK 14.7b8.5x19.6x1.3x
Mon, 28 Jul 2025NOK 284.4bNOK 231.7bNOK 15.3b6.8x18.6x1.2x
Wed, 25 Jun 2025NOK 293.5bNOK 238.9bNOK 24.4b6.9x12x1.2x
Fri, 23 May 2025NOK 261.1bNOK 240.7bNOK 24.6b7.2x10.6x1.1x
Sun, 20 Apr 2025NOK 251.0bNOK 247.8bNOK 23.5b4.4x10.7x1x
Tue, 18 Mar 2025NOK 271.4bNOK 249.2bNOK 23.6b4.9x11.5x1.1x
Thu, 13 Feb 2025NOK 292.3bNOK 270.9bNOK 22.5b9.8x13x1.1x
Sat, 11 Jan 2025NOK 301.9bNOK 275.5bNOK 25.9b10.4x11.6x1.1x
Mon, 09 Dec 2024NOK 263.5bNOK 268.2bNOK 25.2b9.5x10.5x1x
Wed, 06 Nov 2024NOK 269.7bNOK 262.8bNOK 23.7b9.2x11.4x1x
Fri, 04 Oct 2024NOK 280.0bNOK 259.1bNOK 27.4b7.8x10.2x1.1x
Sun, 01 Sep 2024NOK 288.4bNOK 259.0bNOK 26.9b8.2x10.7x1.1x
Tue, 30 Jul 2024NOK 290.1bNOK 265.9bNOK 27.0b9.6x10.7x1.1x
Thu, 27 Jun 2024NOK 304.3bNOK 251.5bNOK 23.5b10.8x13x1.2x
Sat, 25 May 2024NOK 299.3bNOK 248.0bNOK 22.7b10.5x13.2x1.2x
Mon, 22 Apr 2024NOK 313.1bNOK 262.8bNOK 22.6b12.1x13.8x1.2x
Wed, 20 Mar 2024NOK 295.0bNOK 254.1bNOK 21.6b12.1x13.7x1.2x
Fri, 16 Feb 2024NOK 278.1bNOK 249.9bNOK 21.0b10.5x13.3x1.1x
Sun, 14 Jan 2024NOK 304.3bNOK 269.2bNOK 27.2b8.3x11.2x1.1x
Tue, 12 Dec 2023NOK 313.4bNOK 285.5bNOK 28.8b7.7x10.9x1.1x
Thu, 09 Nov 2023NOK 328.6bNOK 291.9bNOK 31.7b7.3x10.4x1.1x
Sat, 07 Oct 2023NOK 303.1bNOK 311.4bNOK 30.3b7.4x10x1x
Mon, 04 Sep 2023NOK 313.5bNOK 305.0bNOK 29.8b7.8x10.5x1x
Wed, 02 Aug 2023NOK 301.7bNOK 294.0bNOK 29.1b8.3x10.4x1x
Fri, 30 Jun 2023NOK 270.3bNOK 306.8bNOK 27.4b6.7x9.9x0.9x
Sun, 28 May 2023NOK 264.7bNOK 313.9bNOK 29.2b6.7x9.1x0.8x
Tue, 25 Apr 2023NOK 273.3bNOK 292.4bNOK 33.9b5.8x8.1x0.9x
Thu, 23 Mar 2023NOK 269.6bNOK 289.6bNOK 33.6b5.5x8x0.9x
Price to Earnings Ratio

8x


Total Market Cap: NOK 269.6bTotal Earnings: NOK 33.6bTotal Revenue: NOK 289.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 15.7x202420252026
Current Industry PE
  • Investors are optimistic on the Norwegian Oil and Gas Exploration and Production industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 110x which is higher than its 3-year average PE of 15.6x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 59% per year over the last three years,
  • Revenues have also declined 20% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

How does Norwegian Oil and Gas Exploration and Production compare with similar industries?

NO Market2.23%
Energy3.40%
Oil and Gas4.51%
Oil and Gas Exploration and Production2.48%
Integrated Oil and Gas7.01%
Coal and Fuels-4.28%
Oil and Gas Refining and Marketing-5.23%
Oil and Gas Storage and Transportation-12.75%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
AKRBP Aker BPNOK 318.802.4%
+NOK 4.8b		36.3%PE155.8x
VAR Vår EnergiNOK 41.223.3%
+NOK 3.3b		29.8%PE13.5x
BWE BW EnergyNOK 53.902.9%
+NOK 387.1m		85.9%PE10.7x
DNO DNONOK 16.951.6%
+NOK 263.3m		32.5%PS1.1x
OKEA OKEANOK 32.354.7%
+NOK 150.7m		76.8%PS0.4x

Latest News

DNO
NOK 16.95
DNO
7D
1.6%
1Y
32.5%
BNOR
NOK 559.00
BlueNord
7D
0.7%
1Y
-13.9%

BNOR: Dividend Proposal And Stable Output Will Shape Balanced Return Outlook

Analysts have nudged their BlueNord price target slightly higher to NOK 568.6 from NOK 567.6, reflecting small adjustments to fair value inputs, discount rate, revenue growth, profit margin, and expected future P/E assumptions. What's in the News BlueNord reported preliminary production of 43.6 mboepd for February 2026, with the Tyra hub contributing 23.7 mboepd and production described as stable through most of the month despite early weather related issues (Announcement of Operating Results).
AKRBP
NOK 318.80
Aker BP
7D
2.4%
1Y
36.3%

AKRBP: Soft Longer Term Oil Outlook Will Pressure Shares

Aker BP’s updated fair value estimate has been raised to NOK 178.50 from NOK 166.63 as analysts reset price targets toward the NOK 280 to NOK 330 range and factor in a sustained geopolitical risk premium for oil prices, along with views that the shares offer an undervalued way to add sector exposure. Analyst Commentary Recent research on Aker BP shows a split tape, with several firms lifting ratings and targets while others keep a tighter rein on expectations.
PEN
NOK 28.65
Panoro Energy
7D
4.0%
1Y
11.7%

PEN: Share Issuance And Cash Returns Will Temper An Overstretched Outlook

Analysts have reduced their price target on Panoro Energy from NOK 24.20 to NOK 23.65, citing updated assumptions about revenue growth, profit margins, and a higher future P/E multiple. What's in the News Panoro Energy ASA completed a follow on equity offering of NOK 466,999,977 million, issuing 11,694,400 shares and 8,305,599 shares at NOK 23.35 per share under a Regulation S structure with a subsequent direct listing (Key Developments).
VAR
NOK 41.22
Vår Energi
7D
3.3%
1Y
29.8%

VAR: Dividends And 2026 Production Plans Will Support Balanced Outlook

The analyst price target for Vår Energi has been revised from NOK 36.44 to NOK 37.52, with analysts citing updated sector views and mixed broker targets ranging from NOK 25 to NOK 40 as key factors behind the change. Analyst Commentary Recent research on Vår Energi reflects a split view, with some analysts lifting price targets and others moving to more cautious stances.
PNOR
NOK 11.36
PetroNor E&P
7D
2.5%
1Y
14.2%
BWE
NOK 53.90
BW Energy
7D
2.9%
1Y
85.9%
IOX
NOK 4.55
Interoil Exploration and Production
7D
-20.3%
1Y
184.4%
OKEA
NOK 32.35
OKEA
7D
4.7%
1Y
76.8%

OKEA ASA (OB:OKEA) Just Reported And Analysts Have Been Lifting Their Price Targets

Feb 06
OKEA ASA (OB:OKEA) Just Reported And Analysts Have Been Lifting Their Price Targets
PNO
NOK 1.30
Petrolia NOCO
7D
-18.8%
1Y
4.0%