Strong investment growth in 2013
Final investments in oil and gas activity in 2013 - including pipeline transportation - were NOK 209.1 billion: 21 per cent higher than in 2012. The estimate for 2014 has been adjusted upwards to NOK 223.7 billion.
|Investment costs (mill. NOK)|
|Estimates made in May in the year before the investment year||146 322||143 180||194 285||208 223|
|Estimates made in August in the year before the investment year||148 787||171 958||204 045||215 095|
|Estimates made in November in the year before the investment year||150 806||184 591||207 815||223 259|
|Estimates made in February in the year of investments||141 141||186 044||198 678||223 724|
|Estimates made in May in the year of investments||144 368||186 654||211 303||0|
|Estimates made in August in the year of investments||151 706||184 942||212 768||0|
|Estimates made in Novenber in the year of investments||152 594||180 600||211 900||0|
|Accrued investment costs||146 290||172 465||209 079||0|
The estimate for 2014 is NOK 0.5 billion lower than the estimate conducted in the survey last quarter.
Final investments in 2013
Total investments in oil and gas extraction and pipeline transport for 2013 were NOK 209.1 billion. This is NOK 2.8 billion lower than the estimate conducted in the survey last quarter, but an increase of NOK 36.6 billion compared with the final investments in 2012. The increase in 2013 is due to higher investments in all investment areas except onshore activity.
In the period from 2010 to 2013, the investments in the oil and gas activity grew by 67 per cent in nominal terms. The persistent high and relatively stable crude oil prices in the last three years have resulted in a sharp increase in the investment activity level on the Norwegian Shelf.
The final investments for exploration activity in 2013 came to NOK 33.9 billion. Compared with the final investment figures in 2012, the 2013 investments were NOK 6.9 billion higher. The increase is mainly due to higher costs within exploration drilling. In 2013, 59 exploration wells were spudded – 17 more than in 2012. Compared with the previous quarter, the final figures were NOK 1.3 billion lower.
Final investments in field development for 2013 came to NOK 63.2 billion. This is a NOK 11.2 billion increase compared with final figures for 2012.
Fields on stream in 2013 came to NOK 105.1 billion; an increase of NOK 16.1 billion compared with the previous year.
Onshore activity and pipeline transportation in 2013 came to NOK 3.6 and 3.2 billion respectively.
Slightly higher estimate for 2014
Total investments in oil and gas activities for 2014, including pipeline transportation, are now estimated at NOK 223.7 billion. The estimate is NOK 0.5 billion higher than the estimate given in the previous quarter and NOK 25 billion higher than the corresponding estimates for 2013, given in the 1st quarter of 2013.
The investments for exploration activity in 2014 are now estimated at NOK 34.4 billion. This is NOK 1.6 billion higher than the corresponding estimate for 2013. The estimate is NOK 3.5 billion higher than the estimation for 2014 given in the fourth quarter of 2013.
Investments for field development are now estimated at NOK 80.4 billion; an increase of NOK 1 billion compared with the estimate in the previous quarter. The estimate is NOK 16.4 billion higher than the corresponding estimate given for 2013.
Investments for fields on stream in 2014 are now estimated at NOK 98.4 billion. This is NOK 3.8 billion lower than the estimate given in the previous quarter and NOK 2.2 billion higher than the corresponding estimate given in the first quarter of 2013.
Onshore activities and pipeline transportation are estimated at NOK 5.1 and NOK 5.5 billion respectively.
The information in the survey was collected from the operators on the Norwegian Shelf in mid-February.