Oil and gas activities, investments, Q1 2008

The estimate for 2008 is NOK 25.5 billion higher than the corresponding estimate for 2007 given in the first quarter of 2007.

Total investments in 2007

Total investments in oil and gas extraction and pipeline transport for 2007 were NOK 109.billion. This is NOK 3.2 billion lower than the estimate given in the survey last quarter, but an increase of NOK 13.6 billion compared with total investments in 2006. The increase in 2007 is due to higher investments in all investment areas except pipeline transportation and onshore activity.

The final investment figures for exploration activity in 2007 came to NOK 17.9 billion. Compared with the final investments figures in 2006 the 2007 investments were NOK 6.2 billion higher. Compared with previous quarter the final figures were NOK 1,3 billion lower..

Total investments in field development and fields on stream for 2007 came to NOK 76.8 billion. This is an NOK 16.4 billion increase compared with final figures for 2006.

Onshore activity and pipeline transportation in 2007 came to NOK 11.3 and 3.3 billion respectively.

Estimates for 2008

Total investments in oil and gas activities for 2008, including pipeline transportation, are estimated at NOK 130.2 billion. This is an increase of NOK 3.4 billion compared with the previous quarter, and NOK 25.5 billion more than the investment estimate for 2007 given in the first quarter of 2007.

The investments for exploration activity in 2008 are now estimated at NOK 29.3 billion. This is NOK 6.3 billion higher than the corresponding estimate for 2007. The estimate is NOK 0.4 billion lower than the estimation for 2008 given in the fourth quarter of 2007.

Investments for field development and fields on stream in 2008 are now estimated at NOK 95.7 billion. This is NOK 4.5 billion higher than the estimate given in the previous quarter and NOK 27.5 billion higher than the corresponding estimate given for 2007 in the first quarter of 2007.

Onshore activities and pipeline transportation are estimated at NOK 3.6 and 1.6 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. Q4 2005-Q4 2007. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q4 2005-Q4 2007. NOK million
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2008