Oil and gas activities, investments, Q4 2003

Estimates for 2004 are adjusted downwards from NOK 66.7 to 63.1 billion compared with estimates from the previous quarter.

Estimate for 2003: Still low exploration activity

Total investments in 2003 are estimated at NOK 65.9 billion. The estimate is NOK 8.4 billion higher than the corresponding estimate for 2002, given in the 4^{t h} quarter 2002. Large projects related to onshore activity, among others Kårstø and Melkøya, increases the investments from 2002 to 2003.

The investments for exploration activities are slightly adjusted upwards compared with the previous quarter, to NOK 4.3 billion, but are still low seen in a historic context. The accrued investment increased the last two quarters, but the estimate for the 4^{t h} quarter is low.

Investments for fields are now estimated at NOK 46.8 billion, which is a downward adjustment of NOK 1.4 billion compared with the previous quarter. Compared with the corresponding estimate for 2002 given in the 4^{t h} quarter 2002, the 2003 estimate is NOK 0.9 billion lower. The investments for field development seems to flatten, after an evenly decrease since 1998.

Onshore activity and pipeline transportation are estimated at NOK 11.8 and 2.9 billion respectively.

Estimate for 2004: Same level as in 2003

Investments in oil and gas activity in 2004, including pipeline transportation, are now estimated at NOK 63.1 billion. The estimate is adjusted downwards compared with the previous quarter. Compared with the corresponding estimate for 2003, given in the 4^{t h} quarter 2002, the estimate for 2004 is NOK 2.2 billion higher. Compared with the latest estimate for 2003, the 2004 estimate is NOK 2.8 billion lower. Based on experience, the investments in 2004 seem to be at the same level as in 2003.

Investments for exploration activity in 2004 are estimated at NOK 4.9 billion. Compared with corresponding estimates for 2003, given in the 4^{t h} quarter 2002, the 2004 estimate is NOK 0.7 billion lower.

Field investments are estimated jointly for field development and fields on stream, and are estimated at NOK 43.1 billion, NOK 1,2 billion lower than the corresponding estimate for 2003. The estimate is divided by NOK 10.4 billion on field development, and NOK 32.7 billion on fields on stream.

Onshore activity and pipeline transportation are estimated at NOK 12.1 and 3.0 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. Q3 2001 - Q3 2003. Million NOK
• Table 3 Accrued investment costs for field development and fields on stream. Q3 2001 - Q3 2003. Million NOK
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2004