Oil and gas activities, investments, Q3 2010

The estimate for 2010 is NOK 4.1 billion lower than the corresponding estimate for 2009, given in the 3^{r d} quarter of 2009, while the estimate for 2011 is NOK 3.3 billion higher than the corresponding estimate for 2010, given in the 3^{r d} quarter of 2009. This indicates a weak decrease in the investment level in 2010 and might suggest a new rise in 2011.

New field developments give higher estimates

Investments for field development are now estimated at NOK 29.4 billion. This is NOK 7.2 billion higher than the estimate given in the previous quarter. The increase is due to the fact that three new development projects are now included in the survey; Gudrun is a North Sea oil and gas field which is scheduled to be on stream in the 1^{s t} quarter of 2014. According to Statoil’s development plan, the total investment costs amount to NOK 21 billion. Gaupe is a North Sea gas field scheduled to be on stream in the 4^{t h} quarter of 2011. The total investment costs are planned to be NOK 2.7 billion. Marulk is a gas field in the Norwegian Sea. According to Enis’ development plan, the total investment costs amount to NOK 4 billion and the field is expected to be on stream in the 2^{n d} quarter of 2012.

Investments for fields on stream in 2011 are estimated at NOK 82.2 billion. This is NOK 5.3 billion lower than the estimate given in the previous quarter. The estimate is NOK 8.7 billion higher than the corresponding estimate for 2010, given in the 3^{r d} quarter of 2009. The fields with the highest investment estimates in 2011 are Ekofisk, Troll, Åsgard and Oseberg.

The investments for exploration activity in 2011 are now estimated at NOK 30.6 billion. This is NOK 4.4 billion lower than the corresponding estimate for 2010. The estimate is NOK 0.4 billion higher than the estimation for 2011 given in the previous quarter.

Onshore activities and pipeline transportation are estimated at NOK 6.0 and 0.7 billion respectively.

2010

Total investments in oil and gas activities for 2010, including pipeline transportation, are estimated at NOK 139.4 billion. The estimate is NOK 4.1 billion lower than the corresponding estimate for 2009 and only NOK 0.2 billion lower than the estimate given in the previous quarter.

Investments in the exploration activity in 2010 are estimated at NOK 28.1 billion, which is NOK 0.4 billion lower than the estimate given in the previous quarter. The estimate is NOK 1.3 billion lower than the corresponding estimate for 2009, presented in the 3^{r d} quarter of 2009.

Investments for field development and fields on stream are now estimated at NOK 102.7 billion; an increase of NOK 0.3 billion compared with the estimate in the previous quarter and NOK 2.7 billion lower than the corresponding estimate for 2009.

Onshore activities and pipeline transportation are estimated at NOK 7.5 and NOK 1.2 billion respectively.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 2006-2011. NOK million
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q2 2008-Q2 2010. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q2 2008-Q2 2010. NOK million
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2011