Norway’s stable legal framework, abundant natural resources, and advanced technologies in energy transition are increasingly offering opportunities for Japanese investors seeking strategic growth in energy and sustainability, according to market experts.

Japanese investors are turning to Norway to meet growing demand for clean energy, strengthen global supply chains, and tap into new technologies, according to Nick Wall, Tokyo-based partner at A&O Shearman.

“Norway offers Japanese investors the stability they’re looking for—strong property rights, a transparent legal system, and access to the EU single market through the EEA,” said Wall.

“As geopolitical and regulatory uncertainty grows in markets like the US and parts of Asia, we’re seeing Japanese investors increasingly diversify into stable European jurisdictions like Norway to mitigate legal and operational risks.”

Some Japanese corporates now see Norway as a key growth market, thanks to its advanced regulatory framework and strong alignment with decarbonisation goals, according to Wall. The Norwegian government’s clear support for energy transition projects such as offshore wind and carbon capture gives Japanese investors the long-term certainty they need to commit to major, capital-intensive investments, he said.

Japan announced two Norway-targeted deals YTD 2025, including a USD 990m acquisition of Grieg Seafood’s operation, marking the second highest year since 2021, according to Mergermarket data.

In July, Mitsubishi Corporation’s Norway-based salmon farm subsidiary Cermaq Group announced it would buy Grieg Seafood’s operations in Northern Norway and Canada for approximately USD 990.14m, repositioning Cermaq as the world’s second-largest salmon producer post-deal.

Japan’s largest exploration and production (E&P) company INPEX Corporation has also announced plans to acquire Pandion Energy’s interests in three assets on the Norwegian Continental Shelf (NCS) through its Norwegian subsidiary INPEX Idemitsu Norge AS (IIN). This follows IIN’s acquisition of a 30% interest in the Trudvang carbon capture and storage (CCS) license last December. Both deal values were undisclosed.

Japanese investors are also tapping opportunities in Norway’s technology, maritime, and aquaculture sectors, though the energy sector is expected to continue dominating deal activity, Wall said.

Since 2020, Japanese investments in Norway have been most active in the oil & gas and utility sectors, which accounted for eight out of 23 total deals, or USD 83.3m of the USD 4.14bn, as per Mergermarket data. Five of the eight deals did not disclose values.

Source: Mergermarket, data correct as at 05-Aug-25. Others include machinery, agribusiness, mining, chemicals, transportation, forestry & paper, and auto/truck with one deal each.

Major oil & gas supplier

The country’s oil and gas production capacity are a focus of Japanese energy players.

Norway plays a key role in European energy security, providing about 10% of its demand for crude oil and more than 30% of EU and UK demand for gas, according to a spokesperson at INPEX.

Norway’s role as a key energy supplier to Europe is significant given geopolitical risks related to Russia, said a spokesperson at Japan Petroleum Exploration (JAPEX), one of Japan’s leading E&P players.

JAPEX acquired the remaining 50.1% stake in the E&P company Longboat JAPEX Norge AS (LJN) in Norway at USD 2.5m last year, gaining full ownership.

For oil and gas E&P, which requires mid- to long-term investments, Norway’s stable fiscal regime holds great significance, the spokesperson said, noting it is the largest producer in the Nordics.

The existence of numerous oil/gas fields expected to sustain long-term production, combined with well-developed pipeline and infrastructure, make even small- to mid-scale fields economically attractive investment opportunities there.

JAPEX is expected to utilise its established business platform “to actively explore opportunities for E&P—including asset acquisitions—primarily centred around Norway,” the spokesperson noted.

Energy transition

Japanese E&P firms are also eyeing offshore wind power, CCS and decarbonisation projects and technologies.

INPEX earlier told this news service that it sees strong growth potential in offshore wind power, particularly floating, power-from-shore solutions, and CCS/ carbon capture, utilisation and storage (CCUS) in Europe.

Norway would be an important CO2 injection destination or CCS business in Europe, the INPEX spokesperson said.

The Norwegian government aims for carbon neutrality by 2050. As part of this effort, Northern Lights, the world’s first open-source CCS project backed by the government, is scheduled to start operations this year.

“In northern Europe, geological conditions are favorable, and many areas are suitable for the subsurface storage of CO2,” the spokesperson said.

“We believe gas development technology can be applied effectively to pursue CCS/CCUS initiatives,” he added. Particularly in Norway’s North Sea region, the depleted oil reservoirs are expected to be repurposed for CO2 storage, indicating high potential for future commercialisation, he added.

The INPEX spokesperson noted a strong synergy between decarbonisation and the electrification of oil fields, citing its participation in the Hywind Tampen project, one of the world’s largest floating offshore wind farms (88MW) that supplies electricity to oil and gas facilities. This project would reduce CO2 emissions by about 200,000 tons per year, he added.

Japan M&A in Norway (2024-25) 

Source: Mergermarket, data correct as at 05-Aug-25