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

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 11.6x which is higher than its 3-year average PE of 9.8x. The 3-year average PS ratio of 0.81x is lower than the industry's current PS ratio of 1.0x.

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

Investors are most optimistic about the Oil and Gas Exploration and Production industry even though it's trading below its 3-year average PE ratio of 23.4x. Analysts are expecting annual earnings growth of 1.4%, which is higher than its past year's earnings decline of 41.3% per year.

Norwegian (OSEAX) Oil and Gas Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 19 Aug 2026	NOK 1.5t	NOK 1.4t	NOK 125.6b	11x	11.6x	1x
Fri, 17 Jul 2026	NOK 1.2t	NOK 1.2t	NOK 78.9b	14.8x	15.6x	1x
Sun, 14 Jun 2026	NOK 1.2t	NOK 1.2t	NOK 69.1b	17.8x	18.1x	1x
Tue, 12 May 2026	NOK 1.2t	NOK 1.2t	NOK 63.7b	17.8x	19.5x	1.1x
Thu, 09 Apr 2026	NOK 1.3t	NOK 1.2t	NOK 57.0b	16.6x	22.2x	1x
Sat, 07 Mar 2026	NOK 1.1t	NOK 1.2t	NOK 57.3b	15.1x	19.5x	0.9x
Mon, 02 Feb 2026	NOK 1.0t	NOK 1.3t	NOK 74.6b	11.6x	13.7x	0.8x
Wed, 31 Dec 2025	NOK 950.0b	NOK 1.4t	NOK 78.3b	10.6x	12.1x	0.7x
Fri, 28 Nov 2025	NOK 923.1b	NOK 1.4t	NOK 81.0b	9.4x	11.4x	0.7x
Sun, 26 Oct 2025	NOK 977.6b	NOK 1.4t	NOK 105.5b	8.6x	9.3x	0.7x
Tue, 23 Sep 2025	NOK 958.0b	NOK 1.3t	NOK 103.7b	8.2x	9.2x	0.7x
Thu, 21 Aug 2025	NOK 960.1b	NOK 1.4t	NOK 113.3b	7.3x	8.5x	0.7x
Sat, 19 Jul 2025	NOK 997.2b	NOK 1.4t	NOK 118.6b	7.3x	8.4x	0.7x
Mon, 16 Jun 2025	NOK 1.1t	NOK 1.4t	NOK 123.9b	6.9x	8.9x	0.8x
Wed, 14 May 2025	NOK 987.3b	NOK 1.4t	NOK 132.9b	4.7x	7.4x	0.7x
Fri, 11 Apr 2025	NOK 955.6b	NOK 1.4t	NOK 137.6b	4.2x	6.9x	0.7x
Sun, 09 Mar 2025	NOK 1.0t	NOK 1.5t	NOK 138.7b	4.6x	7.2x	0.7x
Tue, 04 Feb 2025	NOK 1.1t	NOK 1.6t	NOK 155.4b	5.3x	7.1x	0.7x
Thu, 02 Jan 2025	NOK 1.1t	NOK 1.6t	NOK 153.5b	4.1x	6.9x	0.7x
Sat, 30 Nov 2024	NOK 1.1t	NOK 1.5t	NOK 149.1b	5.4x	7.3x	0.7x
Mon, 28 Oct 2024	NOK 1.1t	NOK 1.5t	NOK 145.4b	4.6x	7.7x	0.8x
Wed, 25 Sep 2024	NOK 1.1t	NOK 1.4t	NOK 140.6b	4.9x	7.6x	0.8x
Fri, 23 Aug 2024	NOK 1.1t	NOK 1.4t	NOK 142.0b	5.8x	8x	0.8x
Sun, 21 Jul 2024	NOK 1.2t	NOK 1.4t	NOK 144.2b	5.6x	8.2x	0.8x
Tue, 18 Jun 2024	NOK 1.2t	NOK 1.4t	NOK 144.3b	5.1x	8.5x	0.9x
Thu, 16 May 2024	NOK 1.3t	NOK 1.4t	NOK 144.3b	8.3x	8.9x	0.9x
Sat, 13 Apr 2024	NOK 1.3t	NOK 1.5t	NOK 170.5b	7.1x	7.9x	0.9x
Mon, 11 Mar 2024	NOK 1.2t	NOK 1.4t	NOK 163.8b	6.4x	7.1x	0.8x
Wed, 07 Feb 2024	NOK 1.3t	NOK 1.5t	NOK 227.5b	5.1x	5.7x	0.9x
Fri, 05 Jan 2024	NOK 1.4t	NOK 1.5t	NOK 223.0b	5.5x	6.3x	0.9x
Sun, 03 Dec 2023	NOK 1.4t	NOK 1.5t	NOK 230.9b	5.4x	6.2x	0.9x
Tue, 31 Oct 2023	NOK 1.5t	NOK 1.6t	NOK 243.8b	5.9x	6.3x	1x
Thu, 28 Sep 2023	NOK 1.5t	NOK 1.8t	NOK 308.4b	5.4x	4.7x	0.8x
Sat, 26 Aug 2023	NOK 1.3t	NOK 1.7t	NOK 305.5b	5.6x	4.4x	0.8x


NO Market	1.36%
Energy	1.62%
Oil and Gas	1.39%
Oil and Gas Storage and Transportation	4.64%
Oil and Gas Refining and Marketing	3.29%
Oil and Gas Exploration and Production	1.37%
Integrated Oil and Gas	1.00%
Coal and Fuels	-0.45%

Company	Last Price	7D	1Y	Valuation
EQNR Equinor	NOK 395.90	2.0% +NOK 18.8b	58.2%	PE11x
AKRBP Aker BP	NOK 351.90	2.3% +NOK 5.1b	43.0%	PE16.7x
VAR Vår Energi	NOK 50.18	2.8% +NOK 3.4b	50.9%	PE10.2x
CAPT Capital Tankers	NOK 154.26	13.6% +NOK 2.5b	n/a	n/a
HAFNI Hafnia	NOK 74.15	4.7% +NOK 1.6b	30.9%	PE8.6x

Announcement • Aug 18

Reconnaissance Energy Africa Ltd. Announces Hydrocarbon Flow To Surface From Huttenberg Formation At Kavango West 1X And Plans Open Hole Horizontal Testing

Reconnaissance Energy Africa Ltd. along with its partners BW Energy (20% WI) and the National Petroleum Corporation of Namibia (NAMCOR, 10% carried WI), announced preliminary production testing results from the three zones in the Huttenberg formation on the Kavango West 1X (KW1X) discovery well, along with plans to advance to open-hole horizontal production testing. The uppermost zone of the Huttenberg formation flowed natural gas and potential liquid content to surface immediately upon perforation, ahead of any acid stimulation, and was flared through the relief flare stack. Flow rates were not measured from the Huttenberg due to previously disclosed equipment limitations, which has been rectified for the upcoming open hole horizontal production test by way of procuring the necessary equipment, which is currently being shipped to site, and by changing the surface operations service provider at site. Production samples, including both natural gas and potential liquid content have been collected in several IsoTubes with results of the compositional analysis expected in the coming weeks from samples sent to laboratories in the United States. This test result completes vertical production testing operations at KW1X. Surface testing equipment associated with the vertical program has been stood down and demobilized as the Company prepares for the next phase of operations. Having flowed natural gas and potentially liquids to surface from two separate zones at KW1X, the next stage of success-based testing is to proceed with an open-hole horizontal production test in the uppermost zone of the Huttenberg formation, with an option for an additional horizontal test in the uppermost zone of the Elandshoek formation. The Huttenberg formation was selected for the initial horizontal test based on flow of natural gas and potential liquids to surface, 75 metres of pay identified from original well log analysis, presence of matrix porosity between large natural fractures, longer horizontal lateral section due to being approximately 600 metres shallower than the Elandshoek, and the Jarvie-1 rig is expected to drill up to 1,000 metres of horizontal section through the Huttenberg formation. The purpose of the vertical production testing program was to determine which parts of the reservoir, if any, could flow hydrocarbons to surface. It was not to determine flow rate as cased vertical wells are not the optimized development design for this fractured reservoir. Phase one production testing achieved a critical milestone; the program established two of the six zones of interest identified in the well contain hydrocarbons capable of flowing to surface. This does not preclude the other sections from flowing hydrocarbons via a more optimized horizontal open hole completion. The next step, an open-hole horizontal production test in the upper Huttenberg zone, is designed to establish a representative flow rate over a large, exposed reservoir section uninhibited by production casing, cement and perforations. An open-hole horizontal well is required to achieve maximum reservoir penetration and optimal fracture intersection, consistent with the natural fracture orientation observed in the reservoir. Formation imaging log (FMI) analysis from wells drilled through the Otavi reservoir indicates fracture density ranging from 1.0 to 12.7 fractures per metre (P90–P10), with fracture orientation running parallel to the fold structure. The current well design contemplates a horizontal lateral of up to 1,000 metres to optimally intersect these natural fracture swarms. Completing the well open hole, without casing or cement, is intended to maximize flow from fractures. These fractures have inclinations of 50-90 degrees, with most fractures being vertical, to near vertical. The horizontal well will be drilled perpendicular to the fracture orientation. Open fractures in analogue carbonate fields enhance permeability and often link matrix porosity with the reservoirs. The Jarvie-1 rig remains on location to drill the horizontal sidetrack laterals. To ensure the best possible outcome from the planned horizontal test, Reconnaissance Energy Africa Ltd. has procured two high pressure pumps, a swabbing unit and additional supporting equipment in the United States which is currently being shipped to site for the continuation of the production testing operation. Routine rig maintenance is currently being conducted as the Company awaits the delivery of equipment and receipt of necessary permit amendments before the resumption of drilling operations. Reconnaissance Energy Africa Ltd. has contracted H2OIL to conduct surface operations and provide additional surface equipment, including an appropriately sized separator unit. Halliburton will continue to provide downhole equipment and services. The Company continues to advance permitting and preparations of the Kavango West 2A (KW2A) appraisal well. Once the horizontal production test at KW1X is complete, the partners plan to move to drill a horizontal well and conduct an open hole horizontal production test at the KW2A appraisal well location to establish reservoir extent and communication.

Norwegian (OSEAX) Oil and Gas Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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