Oil and gas activities, investments, Q4 2007

The two estimates are the highest exploration estimates given since Statistics Norway initiated this survey in 1985 (current prices).

Lower estimates for 2007

Total investments in oil and gas extraction and pipeline transport for 2007 are now estimated at NOK 112.5 billion. This is NOK 5.0 billion lower than the estimate given in the third quarter, but an increase of NOK 12.6 billion compared with the corresponding estimate given for 2006. A comparison of the estimates for 2006 and 2007 show increased investments in exploration, field development and fields on stream in 2007, but a decrease in onshore activity and pipeline transportation.

Exploration activities in 2007 are now estimated at NOK 19.2 billion. Compared with the corresponding estimate given for 2006, the estimate for 2007 is NOK 6.7 billion higher.

Investments in field development and fields on stream are now estimated at NOK 78.0 billion. This is a NOK 2.3 billion decrease compared with estimates given in the previous quarter.

Onshore activity and pipeline transportation are estimated at NOK 12.0 and NOK 3.4 billion respectively.

Higher estimates for 2008

Total investments in oil and gas activities for 2008, including pipeline transportation, are estimated at NOK 126.7 billion. The estimate is NOK 26.6 billion higher than the corresponding estimate for 2007 and NOK 7.6 billion higher than the estimate given in the previous quarter.

Investments for the exploration activity in 2008 are estimated at NOK 29.6 billion. The estimate is NOK 5.0 billion higher than the corresponding estimate for 2007, given in the fourth quarter of 2006.

Investments for field development and fields on stream are now estimated at NOK 91.2 billion.

This is NOK 3.5 billion higher than the estimate given in the previous quarter.

Onshore activities and pipeline transportation are estimated at NOK 4.6 and NOK 1.3 billion respectively.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 2003-2008. NOK million
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q3 2005-Q3 2007. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q3 2005 - Q3 2007. Million NOK
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2008