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

UpdatedDec 15, 2025
DataAggregated Company Financials
Companies9
  • 7D-1.2%
  • 3M0.5%
  • 1Y7.2%
  • YTDn/a

The Oil and Gas Exploration and Production industry has stayed flat over the last week. The past year has been better, since the industry has gained 5.4% in that time. As for the next few years, earnings are expected to grow by 20% per annum.

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, 15 Dec 2025NOK 279.8bNOK 234.4bNOK 15.1b10.7x18.6x1.2x
Wed, 12 Nov 2025NOK 297.9bNOK 232.5bNOK 15.1b9.1x19.7x1.3x
Fri, 10 Oct 2025NOK 298.5bNOK 230.5bNOK 14.8b8.3x20.2x1.3x
Sun, 07 Sep 2025NOK 277.4bNOK 229.9bNOK 14.7b8.2x18.8x1.2x
Tue, 05 Aug 2025NOK 282.1bNOK 234.4bNOK 15.6b6.6x18.1x1.2x
Thu, 03 Jul 2025NOK 288.4bNOK 237.4bNOK 24.2b6.7x11.9x1.2x
Sat, 31 May 2025NOK 264.1bNOK 240.9bNOK 24.6b6.7x10.7x1.1x
Mon, 28 Apr 2025NOK 255.6bNOK 245.4bNOK 27.1b4.3x9.4x1x
Wed, 26 Mar 2025NOK 280.8bNOK 248.6bNOK 23.5b5.2x11.9x1.1x
Fri, 21 Feb 2025NOK 280.1bNOK 261.7bNOK 24.6b6.3x11.4x1.1x
Sun, 19 Jan 2025NOK 304.2bNOK 274.9bNOK 25.9b10.8x11.8x1.1x
Tue, 17 Dec 2024NOK 262.7bNOK 268.0bNOK 25.2b9.5x10.4x1x
Thu, 14 Nov 2024NOK 257.5bNOK 267.4bNOK 25.0b8.7x10.3x1x
Sat, 12 Oct 2024NOK 281.1bNOK 261.1bNOK 27.6b7.7x10.2x1.1x
Mon, 09 Sep 2024NOK 265.8bNOK 261.6bNOK 27.7b7.4x9.6x1x
Wed, 07 Aug 2024NOK 275.4bNOK 263.8bNOK 26.8b9x10.3x1x
Fri, 05 Jul 2024NOK 309.4bNOK 249.0bNOK 23.2b11x13.3x1.2x
Sun, 02 Jun 2024NOK 306.3bNOK 247.3bNOK 23.0b11.3x13.3x1.2x
Tue, 30 Apr 2024NOK 309.1bNOK 258.3bNOK 24.9b9.5x12.4x1.2x
Thu, 28 Mar 2024NOK 299.3bNOK 257.2bNOK 21.8b11.8x13.7x1.2x
Sat, 24 Feb 2024NOK 276.3bNOK 249.2bNOK 20.4b11.7x13.6x1.1x
Mon, 22 Jan 2024NOK 290.0bNOK 274.0bNOK 27.6b7.7x10.5x1.1x
Wed, 20 Dec 2023NOK 312.4bNOK 268.8bNOK 27.1b8.3x11.5x1.2x
Fri, 17 Nov 2023NOK 340.5bNOK 281.8bNOK 28.8b8.3x11.8x1.2x
Sun, 15 Oct 2023NOK 335.8bNOK 311.7bNOK 30.4b7.7x11.1x1.1x
Tue, 12 Sep 2023NOK 320.1bNOK 304.5bNOK 29.7b7.9x10.8x1.1x
Thu, 10 Aug 2023NOK 310.4bNOK 294.1bNOK 29.1b8.6x10.7x1.1x
Sat, 08 Jul 2023NOK 282.8bNOK 301.8bNOK 27.0b7.1x10.5x0.9x
Mon, 05 Jun 2023NOK 272.6bNOK 312.7bNOK 27.9b6.8x9.8x0.9x
Wed, 03 May 2023NOK 263.9bNOK 305.5bNOK 28.4b6.8x9.3x0.9x
Fri, 31 Mar 2023NOK 265.9bNOK 288.3bNOK 33.4b5.6x8x0.9x
Sun, 26 Feb 2023NOK 293.4bNOK 287.4bNOK 33.8b6.1x8.7x1x
Tue, 24 Jan 2023NOK 318.9bNOK 252.2bNOK 30.6b8.4x10.4x1.3x
Thu, 22 Dec 2022NOK 323.3bNOK 253.1bNOK 30.8b6.9x10.5x1.3x
Price to Earnings Ratio

10.5x


Total Market Cap: NOK 323.3bTotal Earnings: NOK 30.8bTotal Revenue: NOK 253.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 12x202320242025
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 18.6x which is higher than its 3-year average PE of 12.0x.
  • The industry is trading close to its 3-year average PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 21% per year over the last three years,
  • Revenues have also declined 2.6% 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 Market0.17%
Energy-0.97%
Oil and Gas-1.23%
Oil and Gas Exploration and Production-1.20%
Coal and Fuels10.67%
Oil and Gas Refining and Marketing4.44%
Integrated Oil and Gas-1.10%
Oil and Gas Storage and Transportation-2.47%
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
PNO Petrolia NOCONOK 1.5025.0%
+NOK 51.0m		n/aPS0.4x
PNOR PetroNor E&PNOK 10.480.6%
+NOK 8.5m		1.4%PE10.5x

Latest News

AKRBP
NOK 247.50
Aker BP
7D
-2.4%
1Y
12.6%

AKRBP: Future Returns Will Depend On Execution And Disciplined Capital Allocation

Analysts have slightly trimmed their fair value estimate for Aker BP from NOK 262.00 to about NOK 260.82 per share, reflecting a marginally lower discount rate and refined earnings growth assumptions, while maintaining broadly stable long term profitability and valuation multiples. Analyst Commentary Recent commentary on sector peers underscores a growing emphasis on disciplined capital allocation and prioritizing companies with outsized earnings growth, themes that are directly relevant to Aker BP’s investment case.
DNO
NOK 15.13
DNO
7D
-1.0%
1Y
50.7%

DNO: Solid Q3 Delivery And Recent Selloff Will Drive Share Rebound

Analysts have raised their price target on DNO to NOK 18.50 from NOK 17.50, reflecting increased confidence in the company after a solid Q3 report and its attractive valuation following the recent share selloff. Analyst Commentary Bullish analysts highlight that the recent upgrade to a Buy rating aligns with improving fundamentals and a supportive valuation backdrop.
BNOR
NOK 406.50
BlueNord
7D
-9.1%
1Y
-34.3%

BNOR: Extraordinary Dividend Will Drive Shareholder Upside In 2025

Analysts have modestly raised their price target on BlueNord to $566.20 per share from $566.20, reflecting slightly lower perceived risk and marginally higher expected earnings multiples over the forecast horizon. What's in the News Extraordinary general meeting on November 20, 2025, to vote on an interim balance sheet, extraordinary dividend distribution, and a reduction of share capital through cancellation of treasury shares and lower nominal share value (Special/Extraordinary Shareholders Meeting).
PEN
NOK 20.10
Panoro Energy
7D
-3.1%
1Y
-24.4%
VAR
NOK 32.10
Vår Energi
7D
-0.5%
1Y
-4.8%

VAR: Production Will Surpass Market Estimates As Project Pipeline Delivers Through 2030

Analysts have slightly increased their price target for Vår Energi, raising it by NOK 0.17 to NOK 38.97. This change is attributed to generally more optimistic outlooks on the company’s project pipeline and future production growth estimates.
PNOR
NOK 10.48
PetroNor E&P
7D
0.6%
1Y
1.4%
OKEA
NOK 21.40
OKEA
7D
-5.5%
1Y
8.5%
BWE
NOK 38.80
BW Energy
7D
-1.0%
1Y
70.2%
IOX
NOK 0.91
Interoil Exploration and Production
7D
-12.1%
1Y
-61.1%

Interoil Exploration and Production ASA (OB:IOX) Might Not Be As Mispriced As It Looks

Nov 03
Interoil Exploration and Production ASA (OB:IOX) Might Not Be As Mispriced As It Looks
PNO
NOK 1.50
Petrolia NOCO
7D
25.0%
1Y
n/a