Oil and gas activities, investments, Q1 2005

The estimate for 2005 is NOK 26.4 billion higher than the estimate for 2004 given in the first quarter of 2004.

Final investments in 2004

The final investments in oil and gas activities for 2004, including pipeline transportation, were NOK 71.1 billion. Compared with the final investment figures for 2003, this is an increase of NOK 6.7 billion, 10.4 per cent.

The final investments for exploration activity in 2004 came to NOK 4.0 billion. Compared with the final investments figures in 2003 the 2004 investments were NOK 0.1 billion lower. Investments have never been lower in a single year since the investments statistics were started in 1985 The final investments for field development and fields on stream in 2004 were NOK 13.7 and 30.8 billion respectively. For field development this is NOK 3.1 billion lower than the final investments in 2003. For fields on stream investments in 2004 were NOK 1.1 billion higher than in 2003.

The onshore activity in 2004 totalled NOK 16.3 billion. The high investments are mainly due to the development of Melkøya terminal, the onshore part of Snøhvit.

Estimates 2005

The total investments for 2005 are now estimated at NOK 88.5 billion. This is an decrease of NOK 1.0 billion compared with the previous quarter, and NOK 26.4 billion more than the investment estimate for 2004 given in the first quarter of 2004.

The investments for exploration activity in 2005 are now estimated at NOK 8.4 billion. This is NOK 4.5 billion higher than the corresponding estimate for 2004. The estimate is NOK 0.6 billion lower than the estimation for 2005 given in the fourth quarter of 2004.

Investments for field development and fields on stream are now estimated at NOK 53.0 billion. This is NOK 9.2 billion higher than the corresponding estimate given for 2004 in the first quarter of 2004.

Onshore activities and pipeline transportation are estimated at NOK 16.4 and 10.6 billion respectively.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 2000-2005. NOK million
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q4 2002-Q4 2004. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q4 2002 - Q4 2004. NOK million
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2005. NOK million and per cent