Equinor chief executive Anders Opedal is urging Norway's oil and gas sector to collaborate in attempts to keep rising costs under control as industry activity in the country nears a level last seen during the bonanza spurred by the 2014 oil price drop.

A generous tax relief package is boosting the current upturn in activity, but a combination of higher oil and gas prices and a downsized industry is causing concerns over spiraling costs and poor project execution.