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

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies9
  • 7D3.5%
  • 3M6.6%
  • 1Y11.6%
  • YTDn/a

Over the last 7 days, the Oil and Gas Exploration and Production industry has dropped 1.0%, driven by a pullback from Aker BP of 1.1%. In contrast, BW Energy has gained 7.3%. This takes the industry's 12 month performance to a gain of 9.4%. Looking forward, earnings are forecast to grow by 17% 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
Fri, 30 Jan 2026NOK 311.6bNOK 221.4bNOK 14.2b10.6x21.9x1.4x
Sun, 28 Dec 2025NOK 280.1bNOK 231.6bNOK 14.9b10.6x18.8x1.2x
Tue, 25 Nov 2025NOK 274.9bNOK 236.9bNOK 15.2b10.4x18x1.2x
Thu, 23 Oct 2025NOK 282.4bNOK 232.2bNOK 14.4b8x19.6x1.2x
Sat, 20 Sep 2025NOK 282.3bNOK 227.6bNOK 14.6b8.2x19.4x1.2x
Mon, 18 Aug 2025NOK 280.8bNOK 232.7bNOK 15.5b6.6x18.1x1.2x
Wed, 16 Jul 2025NOK 289.6bNOK 243.1bNOK 24.9b6.7x11.6x1.2x
Fri, 13 Jun 2025NOK 288.4bNOK 234.6bNOK 23.9b7.2x12x1.2x
Sun, 11 May 2025NOK 261.3bNOK 245.2bNOK 25.3b4.7x10.3x1.1x
Tue, 08 Apr 2025NOK 250.9bNOK 259.3bNOK 24.6b4.3x10.2x1x
Thu, 06 Mar 2025NOK 250.5bNOK 258.6bNOK 24.5b4.4x10.2x1x
Sat, 01 Feb 2025NOK 281.8bNOK 271.2bNOK 25.5b10x11.1x1x
Mon, 30 Dec 2024NOK 267.4bNOK 272.7bNOK 25.6b9.6x10.4x1x
Wed, 27 Nov 2024NOK 272.9bNOK 268.6bNOK 25.2b9.2x10.8x1x
Fri, 25 Oct 2024NOK 271.0bNOK 268.9bNOK 27.8b7.2x9.7x1x
Sun, 22 Sep 2024NOK 263.0bNOK 256.2bNOK 27.1b7.4x9.7x1x
Tue, 20 Aug 2024NOK 296.8bNOK 256.3bNOK 26.4b11.4x11.2x1.2x
Thu, 18 Jul 2024NOK 294.6bNOK 253.4bNOK 25.0b10x11.8x1.2x
Sat, 15 Jun 2024NOK 286.2bNOK 251.4bNOK 23.4b10.1x12.2x1.1x
Mon, 13 May 2024NOK 306.1bNOK 254.0bNOK 23.8b9.8x12.8x1.2x
Wed, 10 Apr 2024NOK 316.4bNOK 254.9bNOK 21.6b12.8x14.7x1.2x
Fri, 08 Mar 2024NOK 289.5bNOK 248.5bNOK 21.1b11.9x13.7x1.2x
Sun, 04 Feb 2024NOK 294.6bNOK 276.9bNOK 27.9b7.9x10.5x1.1x
Tue, 02 Jan 2024NOK 313.3bNOK 266.1bNOK 26.8b8.5x11.7x1.2x
Thu, 30 Nov 2023NOK 323.6bNOK 278.0bNOK 28.1b7.6x11.5x1.2x
Sat, 28 Oct 2023NOK 339.2bNOK 291.6bNOK 31.7b7.4x10.7x1.2x
Mon, 25 Sep 2023NOK 311.2bNOK 307.3bNOK 29.9b8x10.4x1x
Wed, 23 Aug 2023NOK 308.0bNOK 301.7bNOK 29.2b8.3x10.6x1x
Fri, 21 Jul 2023NOK 292.3bNOK 300.5bNOK 28.4b7.9x10.3x1x
Sun, 18 Jun 2023NOK 280.6bNOK 300.8bNOK 26.9b7x10.4x0.9x
Tue, 16 May 2023NOK 266.6bNOK 301.5bNOK 28.2b9.1x9.4x0.9x
Thu, 13 Apr 2023NOK 284.1bNOK 289.4bNOK 33.5b5.9x8.5x1x
Sat, 11 Mar 2023NOK 289.8bNOK 292.6bNOK 34.0b5.9x8.5x1x
Mon, 06 Feb 2023NOK 309.8bNOK 261.5bNOK 31.9b8.1x9.7x1.2x
Price to Earnings Ratio

9.7x


Total Market Cap: NOK 309.8bTotal Earnings: NOK 31.9bTotal Revenue: NOK 261.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 12.4x202420252026
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 21.3x which is higher than its 3-year average PE of 12.4x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 23% per year over the last three years,
  • Revenues have also declined 5.2% 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 Market1.70%
Energy4.40%
Oil and Gas5.10%
Oil and Gas Exploration and Production3.52%
Integrated Oil and Gas5.93%
Oil and Gas Storage and Transportation4.77%
Oil and Gas Refining and Marketing2.14%
Coal and Fuels0.77%
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 283.204.0%
+NOK 6.9b		19.4%PE22.3x
VAR Vår EnergiNOK 34.862.0%
+NOK 1.7b		1.3%PE15.7x
BWE BW EnergyNOK 46.809.9%
+NOK 1.1b		75.9%PE6.8x
DNO DNONOK 16.314.2%
+NOK 633.8m		27.2%PS1.4x
BNOR BlueNordNOK 450.003.8%
+NOK 417.0m		-32.6%PS1.4x

Latest News

VAR
NOK 34.86
Vår Energi
7D
2.0%
1Y
1.3%

Future Production And Cost Risks Will Undermine Long Term Norwegian Shelf Ambitions

Catalysts About Vår Energi Vår Energi is an oil and gas producer focused on the Norwegian Continental Shelf with a diversified asset base, significant gas exports and an active program of development and exploration projects. What are the underlying business or industry changes driving this perspective?
BNOR
NOK 450.00
BlueNord
7D
3.8%
1Y
-32.6%

BNOR: Extraordinary Dividend And Tyra Reliability Improvements Will Support Further Upside

Analysts have trimmed their fair value estimate for BlueNord from €566.20 to €550.20, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News December 2025 preliminary production was 47.4 mboepd net to BlueNord, with the Tyra hub averaging 25.1 mboepd, described as the highest monthly production since the restart, and work is ongoing to improve reliability and performance at Tyra (company announcement).
PNOR
NOK 9.97
PetroNor E&P
7D
-16.9%
1Y
-17.1%
OKEA
NOK 23.10
OKEA
7D
-1.3%
1Y
13.0%
AKRBP
NOK 283.20
Aker BP
7D
4.0%
1Y
19.4%

AKRBP: Higher Future P/E Will Reflect Mixed Views On 2026 Oil Outlook

Narrative update on Aker BP Analysts have trimmed their average price targets on Aker BP, with one large bank cutting its view to NOK 210 from NOK 220, while another lifted its stance to Buy with a NOK 280 target. This reflects mixed opinions driven by cautious sector views on 2026 oil prices and differing assessments of the company’s earnings potential.
PEN
NOK 21.90
Panoro Energy
7D
6.1%
1Y
-23.6%

PEN: Share Buybacks And Steady Production Will Support Future Upside

Analysts have trimmed their price target for Panoro Energy to around $32.71 from about $33.76, reflecting slightly more cautious assumptions on future revenue growth and profit margins, while leaving the longer term P/E outlook broadly unchanged. What's in the News Completed a share buyback of 4,277,900 shares, equal to 3.79% of outstanding shares, for a total of NOK 106.05 million under the program announced on June 2, 2025 (company buyback update).
DNO
NOK 16.31
DNO
7D
4.2%
1Y
27.2%

DNO: Q3 Delivery And Kurdistan Restart Will Support Stronger Production

Narrative Update on DNO Analysts have raised their price target on DNO to NOK 17.50 from NOK 14.00, citing a solid Q3 report, a recent share selloff, and updated assumptions for profit margin and future P/E as the main reasons for the change. Analyst Commentary Bullish analysts are pointing to the recent upgrade and higher price target as a sign of growing confidence in DNO following its Q3 report and the share price pullback.
IOX
NOK 0.90
Interoil Exploration and Production
7D
-5.0%
1Y
-54.6%
BWE
NOK 46.80
BW Energy
7D
9.9%
1Y
75.9%