Oil and gas activities, investments, Q2 2004

Compared with final investments for exploration activity in 2003, the 2004 estimates are 14.6 per cent higher.

Estimates for 2003: Strong increase related to Ormen Lange

Total investments in oil and gas activities for 2004, including pipeline transportation, are now estimated at NOK 71.1 billion. The estimates are NOK 1.8 billion higher than the corresponding estimates for 2003, given in the 2^{n d} quarter 2003. Compared with the estimates given in the previous quarter, the estimates have increased by NOK 7.3 billion. A part of this is related to Ormen Lange, including pipelines and onshore facilities, which are included in the statistics for the first time.

Investments for exploration activity in 2004 are now estimated at NOK 4.7 billion. This is 18.8 per cent higher than the estimates given in the previous quarter.

Investments for field development and fields on stream have been stable in recent years, and are now estimated at NOK 46.4 billion. This is NOK 2.6 billion higher than the previous quarter. The increase is mainly related to fields on stream.

Investments for onshore facilities are upgraded to NOK 13.0 billion.

Estimated investments for pipeline transportation have increased considerably since the previous quarter, and are now estimated at NOK 7.1 billion. The increase is mainly related to the pipeline transportation system Langeled.

Estimates for 2005: Same level as 2004

Total investments in oil and gas activities for 2005, including pipeline transportation, are estimated for the first time. Total investments are estimated at NOK 58.0 billion. Compared with the first time estimates given for 2004, the 2005-estimates are NOK 0.1 billion lower. Investments in pipeline transportation and fields on stream are higher, whereas investments related to exploration activity, field development and onshore activities are lower.

Investments for exploration activity in 2005 are now, in the first time estimates, at NOK 3.0 billion. This is NOK 1.7 billion lower than the first time estimate for 2004. However, some of the large operators have not yet reported their exploration estimates for 2005.

Investments for fields are estimated at NOK 38.1 billion. This is NOK 1.1 billion lower than the first time estimate for 2004.

Onshore activities and pipeline transportation are estimated at NOK 6.5 and 10.4 billion respectively.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 2000-2005. NOK million
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q1 2002-Q1 2004. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q1 2002-Q1 2004. NOK million
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2005