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

UpdatedSep 16, 2026
DataAggregated Company Financials
Companies11
  • 7D3.9%
  • 3M18.2%
  • 1Y53.9%
  • YTDn/a

Over the last 7 days, the Oil and Gas Exploration and Production industry has risen 5.6%, driven by gains from every company within the industry. This takes the industry's 12 month performance to a gain of 55%. Looking forward, earnings are expected to remain mostly flat in the next few years.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 16 Sep 2026NOK 433.8bNOK 265.6bNOK 27.7b16.1x15.6x1.6x
Fri, 14 Aug 2026NOK 389.7bNOK 263.8bNOK 27.4b15.4x14.2x1.5x
Sun, 12 Jul 2026NOK 248.6bNOK 154.1bNOK 6.5b26.6x38.1x1.6x
Tue, 09 Jun 2026NOK 278.4bNOK 147.2bNOK 6.0b31.7x46.2x1.9x
Thu, 07 May 2026NOK 271.2bNOK 143.3bNOK 2.2b28.3x122.2x1.9x
Sat, 04 Apr 2026NOK 274.1bNOK 150.0bNOK 2.3b21.6x118.8x1.8x
Mon, 02 Mar 2026NOK 230.2bNOK 145.9bNOK 2.2b18.4x102.7x1.6x
Wed, 28 Jan 2026NOK 302.7bNOK 222.7bNOK 14.3b10.8x21.1x1.4x
Fri, 26 Dec 2025NOK 280.1bNOK 231.5bNOK 14.9b10.6x18.8x1.2x
Sun, 23 Nov 2025NOK 279.4bNOK 237.1bNOK 15.2b10.6x18.3x1.2x
Tue, 21 Oct 2025NOK 273.6bNOK 230.3bNOK 14.8b7.7x18.5x1.2x
Thu, 18 Sep 2025NOK 278.4bNOK 224.5bNOK 14.4b8.4x19.3x1.2x
Sat, 16 Aug 2025NOK 280.8bNOK 232.7bNOK 15.5b6.6x18.1x1.2x
Mon, 14 Jul 2025NOK 297.3bNOK 240.2bNOK 24.6b6.9x12.1x1.2x
Wed, 11 Jun 2025NOK 282.4bNOK 238.5bNOK 24.3b6.9x11.6x1.2x
Fri, 09 May 2025NOK 254.3bNOK 246.9bNOK 25.5b4.6x10x1x
Sun, 06 Apr 2025NOK 247.9bNOK 253.8bNOK 24.1b4.4x10.3x1x
Tue, 04 Mar 2025NOK 269.6bNOK 263.1bNOK 25.0b4.9x10.8x1x
Thu, 30 Jan 2025NOK 281.5bNOK 271.4bNOK 25.5b10x11x1x
Sat, 28 Dec 2024NOK 267.4bNOK 272.8bNOK 25.7b9.6x10.4x1x
Mon, 25 Nov 2024NOK 278.4bNOK 266.3bNOK 25.0b9.6x11.1x1x
Wed, 23 Oct 2024NOK 275.1bNOK 269.3bNOK 28.3b7.3x9.7x1x
Fri, 20 Sep 2024NOK 262.4bNOK 256.3bNOK 27.1b7.5x9.7x1x
Sun, 18 Aug 2024NOK 296.3bNOK 259.2bNOK 26.7b11.4x11.1x1.1x
Tue, 16 Jul 2024NOK 298.9bNOK 255.1bNOK 25.2b10x11.8x1.2x
Thu, 13 Jun 2024NOK 294.2bNOK 249.4bNOK 23.2b10.7x12.7x1.2x
Sat, 11 May 2024NOK 306.1bNOK 254.0bNOK 23.8b9.8x12.8x1.2x
Mon, 08 Apr 2024NOK 314.8bNOK 256.1bNOK 21.7b12.6x14.5x1.2x
Wed, 06 Mar 2024NOK 287.3bNOK 252.3bNOK 21.5b11.6x13.4x1.1x
Fri, 02 Feb 2024NOK 300.2bNOK 272.8bNOK 27.5b8.1x10.9x1.1x
Sun, 31 Dec 2023NOK 313.3bNOK 266.1bNOK 26.8b8.5x11.7x1.2x
Tue, 28 Nov 2023NOK 330.1bNOK 278.3bNOK 28.2b7.9x11.7x1.2x
Thu, 26 Oct 2023NOK 339.4bNOK 307.2bNOK 33.5b7.2x10.1x1.1x
Sat, 23 Sep 2023NOK 311.2bNOK 306.5bNOK 29.9b8x10.4x1x
Price to Earnings Ratio

10.4x


Total Market Cap: NOK 311.2bTotal Earnings: NOK 29.9bTotal Revenue: NOK 306.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 23.5x202420252026
Current Industry PE
  • Investors are pessimistic on the Norwegian Oil and Gas Exploration and Production industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 15.6x which is lower than its 3-year average PE of 23.5x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 2.6% per year over the last three years,
  • Revenues have also declined 4.8% 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 Market0.82%
Energy4.91%
Oil and Gas6.00%
Oil and Gas Exploration and Production3.92%
Oil and Gas Storage and Transportation10.27%
Integrated Oil and Gas6.35%
Coal and Fuels-2.19%
Oil and Gas Refining and Marketing-8.13%
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
VAR Vår EnergiNOK 54.485.8%
+NOK 7.4b		66.1%PE11.1x
AKRBP Aker BPNOK 370.102.7%
+NOK 6.1b		50.2%PE17.6x
DNO DNONOK 19.515.5%
+NOK 984.8m		36.5%PE26.5x
BNOR BlueNordNOK 602.004.9%
+NOK 715.9m		35.0%PE32.9x
BWE BW EnergyNOK 58.304.3%
+NOK 619.8m		54.8%PE16.1x

Latest News

DNO
NOK 19.51
DNO
7D
5.5%
1Y
36.5%
PEN
NOK 32.05
Panoro Energy
7D
7.9%
1Y
37.8%
VAR
NOK 54.48
Vår Energi
7D
5.8%
1Y
66.1%
AKRBP
NOK 370.10
Aker BP
7D
2.7%
1Y
50.2%
Narrative Update • Sep 09

AKRBP: Execution Risks On Skarv Developments Will Pressure Future Share Returns

Aker BP's updated analyst price target now reflects a fair value of NOK 240.15, compared with NOK 232.48 previously. Analysts have factored in higher assumed discount rates, slightly lower revenue growth and profit margin expectations, and a higher future P/E multiple following recent initiation and downgrade actions on the stock.
BWE
NOK 58.30
BW Energy
7D
4.3%
1Y
54.8%
PNOR
NOK 12.78
PetroNor E&P
7D
7.8%
1Y
26.3%
BNOR
NOK 602.00
BlueNord
7D
4.9%
1Y
35.0%
OKEA
NOK 40.00
OKEA
7D
1.7%
1Y
122.2%
Narrative Update • Jul 24

OKEA: Higher Production Outlook Will Offset Forthcoming Asset Impairments

Analysts have lifted their price target for OKEA from NOK 28 to NOK 51, citing updates to their models that now reflect a lower discount rate, positive revenue growth of 6.74%, a higher profit margin of 12.61% and a reduced future P/E estimate of 4.85x. What's in the News for OKEA OKEA issued updated production guidance for 2026, narrowing its estimate to 29 to 32 kboepd from a previous range of 31 to 35 kboepd, and raised its 2027 production estimate to 39 to 43 kboepd from 37 to 41 kboepd.