Oil and gas activities, investments, Q4 2010

The estimate for 2010 is NOK 8.2 billion lower than the corresponding estimate for 2009 given in the 4th quarter of 2009. The decrease is due to lower investments in exploration, field development and fields on stream, while the estimates indicate the same level of investments in onshore activity and pipeline transportation.

These figures indicate that 2010 might be the first year since 2002 to show a decrease in the accrued oil and gas investments. The uncertainty regarding the crude prices in 2009 resulted in the postponement of many planned development projects. These postponements have led to lower development investments in 2010. Extraordinary comprehensive maintenance stoppages on many fields in the 3^{r d} quarter and limited rig capacity during the year have contributed to lower than expected investments within the investment area fields on stream.

The investments for exploration activity in 2010 are now estimated at NOK 27.3 billion. This is NOK 2.4 billion lower than the corresponding estimate for 2009. The estimate is NOK 0.8 billion higher than the estimation for 2010 given in the previous quarter.

Investments in field development and fields on stream are now estimated at NOK 98.2 billion. This is NOK 4.5 billion lower than the estimates given in the previous quarter. The fields with the highest investment estimates in 2010 are Ekofisk, Valhall, Troll, Skarv and Gjøa.

Onshore activity and pipeline transportation are estimated at NOK 6.7 and NOK 0.8 billion respectively.

Estimates for 2011

Total investments in oil and gas activities for 2011, including pipeline transportation, are estimated at NOK 150.8 billion. The estimate is NOK 12.3 billion higher than the corresponding estimate for 2010 and NOK 1.8 billion higher than the estimate given in the previous quarter.

Investments for exploration activity in 2011 are estimated at NOK 31.5 billion. The estimate is NOK 2.5 billion higher than the corresponding estimate for 2010 given in the 4th quarter of 2009.

Investments for field development are now estimated at NOK 32.9 billion. This is NOK 3.5 billion higher than the estimates given in the previous quarter.

Investments in fields on stream in 2011 are now estimated at NOK 80.8 billion. The estimate is NOK 7.7 billion higher than the corresponding estimate for 2010 given in the 4th quarter of 2009. The fields with the highest investment estimates in 2010 are Ekofisk, Troll, Åsgard and Oseberg.

Onshore activities and pipeline transportation are estimated at NOK 4.9 and NOK 0.7 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. Q3 2008-Q3 2010. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q3 2008-Q3 2010. NOK million
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2011