Oil and gas activities, investments, Q2 2012

The estimate for 2013 is NOK 51.1 billion higher than the corresponding estimate for 2012 given in the 2nd quarter of 2011. The sharp increase must be viewed in conjunction with the delimitation of the statistics. New development projects are only to be included after the projects are approved by the authorities. Three projects were approved before the present survey and are therefore included in the estimates. In June 2011, five projects were approved after the statistics were published and were therefore not included in the first-time estimates for 2012. The consequence is that the difference between the first-time estimates for 2013 and 2012 becomes overstated and, in this particular case, does not fit as an indicator for the investment level for 2013. Thus, it is better to compare the estimate for 2013 with the estimate for 2012 given in the 3rd quarter of 2011. In the 3rd quarter of 2011 the estimate for 2012 was NOK 172 billion, which is only NOK 22.3 billion lower than the first-time estimate for 2013.

The investments for exploration activity in 2013 are now estimated at NOK 35.4 billion. This is NOK 5.6 billion higher than the estimation for 2012 given in the 2nd quarter of 2011.

Investments for field development and fields on stream in 2013 are estimated at NOK 154.6 billion. This is NOK 45.2 billion higher than the corresponding estimate given for 2012.

Onshore activities and pipeline transportation are estimated at NOK 3.9 and 0.5 billion respectively.

Little change in estimates for 2012

Total investments in oil and gas activities for 2012, including pipeline transportation, are estimated at NOK 186.6 billion. This is NOK 42.3 billion higher than the corresponding estimate for 2011 and at about the same level as the estimate given in the previous quarter.

Investments in the exploration activity in 2012 are estimated at NOK 29.9 billion, which is NOK 0.4 billion higher than the estimate given in the previous quarter. The estimate is NOK 1.8 billion higher than the corresponding estimate for 2011 presented in the 2nd quarter of 2011.

Investments for field development and fields on stream are now estimated at NOK 151.7 billion; an increase of NOK 0.3 billion compared with the estimate in the previous quarter and NOK 42.2 billion higher than the corresponding estimate for 2011.

Onshore activities and pipeline transportation are estimated at NOK 4.6 and NOK 0.4 billion respectively.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 2007-2013. NOK million
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q1 2010-Q1 2012. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q1 2010-Q1 2012. NOK million
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2013