Oil and gas activities, investments, Q4 2000

Estimates for 2000

Total investments in oil and gas extraction and pipeline transport for 2000 are now estimated at NOK 52.6 billion. This is NOK 15.8 billion less than the corresponding estimate given for 1999, but an increase of NOK 1.5 billion compared with the survey conducted last quarter. The increase in the estimate for the year 2000 from the last quarter is due to higher investments in exploration activities.

Exploration activities in 2000 are estimated at NOK 5.5 billion. This is NOK 0.3 billion higher than the corresponding estimate for 1999. The recovery of the oil price is most likely the reason for the increase in the companies` budgets for exploration activity in 2000.

Investments for field development in 2000 are now estimated at NOK 22.5 billion. This is a NOK 11.6 billion decline compared with the corresponding estimate for 1999 made in the 4th quarter of 1999.

Investments in fields on stream in 2000 are now estimated at record high NOK 22.6 billion. This is an increase of NOK 2.6 billion from the corresponding estimate for 1999 and an upward adjustment of NOK 0.6 billion from the estimate for 2000 given in the 3rd quarter of 2000.

Estimates for 2001

Total investments in oil and gas extraction and pipeline transport for 2001 are estimated at NOK 41.4 billion. This is a NOK 3.8 billion upward adjustment from the survey conducted last quarter and a NOK 7.1 billion decrease from the corresponding estimate for 2000.

Investments in field developments for 2001 are estimated at NOK 15.5 billion, a decrease of NOK 5.8 billion compared with the corresponding estimate for 2000.

Investments in fields on stream for 2001 are now estimated at NOK 18.9 billion, an upward adjustment of NOK 3.4 billion compared with the estimates given in the previous quarter.

Exploration activities for 2001 are now estimated at NOK 5.5 billion. The corresponding estimate for 2000 was NOK 7.1 billion, but several exploration wells have been removed from the companies' budgets for 2000 since then.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 1994-2001. Million NOK
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q3 1998 - Q3 2000. Million NOK
• Table 3 Accrued investment costs for field development and fields on stream. Q3 1998 - Q3 2000. Million NOK
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2001