The Norwegian government said it expects more overall investments in offshore exploration, though preliminary expectations for energy next year are flat.
Data published Friday by Statistics Norway show investment in the nation's oil and gas sector is set to level out after a banner start to the decade.
"After a strong increase in the investments from 2010 to 2013, the investments flattened out and peaked in 2014," it said. "Recent investment surveys indicate a significant decrease in the investment level in 2015. The oil companies' preliminary estimates indicate that the fall will flatten out in 2016."
Norway's economy depends largely on oil and gas revenue. It serves as one of the key producers for the European energy sector.
The statistics agency said total investment in the energy sector for 2016 is estimated at $23.6 billion, a 1.4 percent increase from the estimate for 2015. The increase is due largely to estimates related to field development and exploration. Investments in fields already in production should decline, as will those for onshore activities and those related to pipeline transportation.
Last month, the Norwegian Petroleum Directorate, the nation's energy regulator, reviewed the resource base on the continental shelf from 2005-14. By 2015, NPD set a goal of adding 5 billion barrels of oil to national reserves, but final figures were "somewhat less" than envisioned.
Peak production is expected to be as high as 650,000 barrels of oil equivalent per day. When crude oil prices were struggling to maintain levels above $50 per barrel in early 2015, the NPD said net oil, natural gas liquids and condensate production was waning.
Total investments for 2015 are expected to by 18 percent lower than last year, Statistics Norway said.
