Oil and gas activities, investments, Q4 2002

Compared with the investments for exploration activity in 2001, the estimate for 2002 is NOK 2.0 billion lower. This is a reduction of about 30 per cent. This is mainly because fewer wells were drilled in 2002.

Estimate for 2002: Record low exploration activity

The investments in oil and gas activity for 2002, including pipeline transportation, are now estimated at NOK 57.5 billion. This is a downward adjustment of NOK 1.2 billion from the previous quarter. Compared with the estimates for 2001, given in the 4^{t h} quarter of 2001, the estimates for 2002 are marginally upward adjusted.

The investments for exploration activity in 2002 are now estimated at NOK 4.8 billion. Compared with the investments for exploration activity in 2001, the estimate for 2002 is about 30 per cent lower.

If one compares the exploration investments in 2002 with investments from previous years, one finds that in current prices only two years have had lower investments. In 1995 the investments were NOK 4.6 billion, and in 1988 NOK 4.1 billion. The three years with the highest investments were 1997 with NOK 8.3 billion, 1991 with NOK 8.1 billion and 1985 with NOK 7.8 billion.

Concerning the investments for field development, these are estimated at NOK 18.0 billion. Compared with the investments in 2001, figures for 2002 are NOK 2.2 billion lower. The development of the fields Grane, Kvitebjørn and Kristin has the highest level of investments in 2002.

Investments for fields on stream are now estimated at NOK 29.8 billion. The estimate has been downward adjusted by NOK 0.9 billion from the previous quarter. Compared with the estimate for 2001, given in the 4^{t h} quarter 2001, the investments for 2002 are NOK 2.9 billion higher. The fields Troll, Ekofisk, Heidrun and Valhall have especially high investments in 2002.

The onshore activity is now estimated at NOK 3.8 billion, and the pipeline transportation systems at NOK 1.1 billion.

Estimate for 2003: NOK 60.9 billion

The total investments in 2003 are estimated at NOK 60.9 billion. This is an upward adjustment of NOK 5.7 billion from the previous quarter. The estimates for 2003 are, due to better data collection, closer to the final investments than what has been the case in previous years.

The investments for exploration activity are now estimated at NOK 5.6 billion. Compared with the corresponding estimate for 2002, the investments in 2003 are NOK 0.4 billion lower. The downward adjustments in the estimated investment for exploration activity might, if the tendency continues, affect the estimates in other investment categories.

Concerning field development and fields on stream the estimates are NOK 17.8 and 26.5 billion respectively. In 2003 the development investments will be highest on Kristin, Grane and Fram Vest, and on fields on stream Heidrun, Ekofisk and Troll.

Investments in the onshore activity are now estimated at NOK 9.2 billion. This is mainly due to Melkøya and the PDO-approval of Visund Gas-export.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 1999-2003. Million NOK
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q3 2000 - Q3 2002. Million NOK
• Table 3 Accrued investment costs for field development and fields on stream. Q3 2000-Q3 2002. Million NOK
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2003