Oil and gas activities, investments, Q1 2002

This is an increase of NOK 5.0 billion compared with the estimate for 2001 given in the first quarter last year. The estimate for 2002 is upward adjusted by NOK 9.1 billion compared with figures from the 4^{t h} quarter last year.

The investment statistics are based on information collected from licenses and fields with an approved Plan for development and operation (PDO). The field development costs in 2002 for Snøhvit are not included, since the formal approval is not ready yet. When Snøhvit is approved, the investments in 2002 may increase by another few billion.

Final figures for 2001: 5.6 higher investments than in 2000

The total investments in oil and gas extraction and pipeline transportation in 2001 were NOK 56.6 billion. Compared with the final investment figures for 2000, this is an increase of NOK 3.0 billion, 5.6 per cent.

The final investment figures for exploration activity for 2001 were NOK 6.3 billion. This is a downward adjustment of NOK 0.4 billion compared with figures from the previous quarter. Compared with the final exploration investments in 2000, the investments in 2001 were NOK 1.0 billion higher. This is an increase of 19.2 per cent.

Investments for field development have a clear declining tendency. The final investments for field development were NOK 20.2 billion, which is NOK 2.6 billion, 11.5 per cent, less than in 2000. The reduction in investments for field development seems to be temporary, because it is assumed that the investments will increase in 2002.

In 2001 NOK 27.2 billion were invested in fields on stream. This is the highest level of field on stream investments ever registered. Compared with the final investments in 2000, this represents an increase of NOK 3.7 billion, 15.6 per cent. If we add up the investments for fields on stream and field development, we find an increase of NOK 1.0 billion in 2001 compared with the 2000 figures.

Estimates for 2002: Less for exploration, more for fields on stream

The total investments for 2002 are now estimated at NOK 55.7 billion. This is an increase of NOK 9.1 billion compared with the previous quarter, and NOK 5.0 billion more than the investment estimates for 2001 given in the 1^{s t} quarter 2001. When the Storting approves Snøhvit, these estimates are expected to rise by a few billion. It seems that the total investments in 2002 will be somewhat higher than in 2001.

The estimated investments for exploration activity in 2002 are falling. Compared with the estimates in the previous quarter, the reduction amounts to NOK 0.8 billion. The estimated investments are now NOK 5.1 billion, and this indicates a lower level of exploration activity in 2002 than in 2001.

Concerning the investments for field development, these are estimated at NOK 17.3 billion. This is an increase of NOK 3.0 billion compared with the previous quarter. The increase is partly due to the new projects Sigyn, Valhall Flanke and Kristin.

Investments for fields on stream are estimated at NOK 30.0 billion. This is a considerable increase in the estimates compared with the figures from the 4^{t h} quarter. The increase of NOK 5.6 billion, 23 per cent, is due to a general upgrade on several fields, both in the North Sea, and in the Norwegian Sea.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 1997-2002. Million NOK
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q4 1999 - Q4 2001. Million NOK
• Table 3 Accrued investment costs for field development and fields on stream. Q4 1999 - Q4 2001. Million NOK
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2002. Million NOK and per cent