Extremely high oil investments next year

Norway's total oil investments in 1998 are estimated at NOK 66.4 billion in the investment survey performed in the fourth quarter of this year. This is an increase of nearly NOK 15 billion compared to similar figures for 1997. The main reason is increased investments in field development.

Investments in field development in 1998 are estimated at NOK 34 billion in the fourth quarter census, NOK 6.7 billion higher than the comparative 1997 estimate. The main reason for increase is the decision made in the past year to develop several fields, including Troll Gass, Jotun, Oseberg Øst, Oseberg Sør and Oseberg Gass. Companies have also submitted plans to develop and operate several other fields. If these are approved, the field development estimate will probably rise even higher in later censuses.

The field development estimate for 1998 has been revised upwards by fully NOK 3.4 billion since the last census. This is due to a deferral of costs from 1997 to 1998 for Varg, Ekofisk II and the Gullfaks satellites.

Higher activity in all areas in 1998

Although the investments in 1998 increase the most for field developments, an increase was also registered for exploration, fields in operation, shore-based operations and pipeline transport. Exploration investments in 1998 are now estimated at NOK 9.9 billion, which is NOK 2.1 billion higher than the comparative estimate for 1997. Because of a postponement of some drilling programmes from 1997 to 1998, the estimate has been revised upwards by NOK 1 billion since the previous census. Many of the companies say that their budgets have not been given final approval by licence partners and that further revision will come when the budgets are approved early next year. Drilling programmes may be limited again next year by a tight rig market.

New Statistics

Investment statistics. Oil activity, 4th quarter 1997.
Statistics are published every quarter in the Weekly Bulletin of Statistics and the Official Statistics of Norway (NOS) Oil and Gas Activity. More information: Jørn Bugge, tel. +47 21 09 47 67, e-mail: jbu@ssb.no or Lise Dalen, +47 21 09 47 68, e-mail: lid@ssb.no.

Weekly Bulletin issue no. 49, 1997