Oil and gas activities, investments, Q2 2003

Investments for fields on stream and onshore activity increased compared with 2003, whereas investments for field development and exploration activity decreased.

Estimate for 2003: Low estimated investments for exploration activity

Total investments in 2003 are now estimated at NOK 69.4 billion. Compared with the estimate for 2002, given in the 2^{n d} quarter 2002, the estimate for 2003 is NOK 12.1 billion higher. At the same time the estimate has been downward adjusted by NOK 1.8 billion from the previous quarter.

The investments for exploration activity are now estimated at NOK 4.5 billion. This is at the same level as the final investments in 2002. Compared with the estimate given in the last quarter, the estimate is downward adjusted by 12.4 per cent.

From 4^{t h} quarter 2000 to 1^{s t} quarter 2002 quarterly investments in exploration activity were between NOK 1.5 and 1.9 billion. After the 2^{n d} quarter 2002 investments have been between NOK 0.8 and 1.0 billion. Prior to the 2^{n d} quarter 2002 we must back to the 2^{n d} quarter 1995 and 1^{s t} quarter 1989 to find quarters with less than NOK 1.0 billion in quarterly investments for exploration activity.

Investments for fields are now estimated at NOK 50.4 billion. Investments for fields on stream are estimated at NOK 33.1 billion and field development are estimated at NOK 17.3 billion. Of the fields under development Grane, Kristin and Fram West are the three largest investment projects in 2003.

Onshore activity and pipeline transportation are estimated at NOK 11.9 and 2.6 billion respectively.

Estimate for 2004: High first-time estimates

Total investments in oil and gas activity in 2004, including pipeline transportation, are now in the first-time estimate NOK 58.1 billion. Compared with the first-time estimate for 2003, the figures for 2004 are NOK 6.3 billion higher

Investments for exploration activity in 2004 are estimated to NOK 4.7 billion. This is NOK 0.9 billion lower than the first-time estimate for exploration in 2003. This indicates that the companies at present are careful regarding exploration activity, which also is shown in the final investments from the latest quarters.

Field investments are estimated at NOK 39.2 billion. Compared with first-time investments for 2003, the estimate for fields on stream is NOK 5.9 billion higher, and the estimate for field development is NOK 3.8 billion lower. For field development Kristin, Snøhvit and Valhall flanke are estimated to be the largest investment projects. When it comes to fields on stream Ekofisk, Sleipner and Oseberg are the largest projects.

Onshore activity and pipeline transportation are estimated at NOK 12.5 and 1.7 billion respectively.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 1999-2004. Million NOK
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q1 2001 - Q1 2003. Million NOK
• Table 3 Accrued investment costs for field development and fields on stream. Q1 2001 - Q1 2003. Million NOK
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2004