Increased investments in oil and gas development in 1997

The quarterly census carried out in the first quarter of this year estimates this year's combined oil investments on the Norwegian continental shelf at NOK 54.9 billion, up NOK 8.8 billion compared to similar estimates made in 1996. The growth is primarily attributed to increased investments in field development. Accrued investments in 1996 were down compared to the year before, due in large part to lower investments in field development and shore-based activities.

Oil exploration investments are estimated at NOK 7.5 billion in 1997, an increase of 31.7 per cent in relation to the estimate for 1996 from the first quarter of last year. Compared to the previous census, the exploration estimate for 1997 shows, however, a slight decline of NOK 0.3 billion. The exploration budgets have now been approved by the concession partners, and that may have caused the downward adjustment. Compared to previous years, the downward adjustment is nevertheless small. This could indicate that exploration activities will be high in 1997 in comparison to previous years.

New Statistics

Investment statistics. Oil activities, 1st quarter 1997.
Statistics are published every quarter in the Weekly Bulletin of Statistics and Official Statistics of Norway (NOS) Oil and Gas Activity. More information: Jørn Bugge, tel. +47 21 09 47 67, e-mail: jbu@ssb.no or Lise Dalen, tel. +47 21 09 47 68, e-mail: lid@ssb.no.

Weekly Bulletin issue no. 10, 1997