Strong growth in 2012
Final investments in oil and gas activity in 2012 - including pipeline transportation - were NOK 172.5 billion; 18 per cent higher than in 2011. The estimate for 2013 has been adjusted downwards to NOK 198.7 billion.
|Investment costs (mill. NOK)|
|Estimates made in May in the year before the investment year||136 077||146 322||143 180||194 285|
|Estimates made in August in the year before the investment year||145 444||148 787||171 958||204 045|
|Estimates made in November in the year before the investment year||138 534||150 806||184 591||207 815|
|Estimates made in February in the year of investments||135 552||141 141||186 044||198 678|
|Estimates made in May in the year of investments||139 657||144 368||186 654||0|
|Estimates made in August in the year of investments||139 414||151 706||184 942||0|
|Estimates made in Novenber in the year of investments||132 998||152 594||180 600||0|
|Accrued investment costs||125 421||146 290||172 465||0|
The estimate for 2013 is 7 per cent higher than the comparable estimate for 2012 and indicates a lower growth in 2013 than in the last year.
Final investments in 2012
Total investments in oil and gas extraction and pipeline transport for 2012 were NOK 172.5 billion. This is NOK 8.1 billion lower than the estimate conducted in the survey last quarter, but an increase of NOK 26.2 billion compared with the final investments in 2011. The increase in 2012 is due to higher investments in fields on stream and field development, while the investments in exploration, onshore activity and pipeline transportation decreased.
The final investments for exploration activity in 2012 came to NOK 27.0 billion. Compared with the final investment figures in 2011, the 2012 investments were NOK 0.4 billion lower. Compared with the previous quarter, the final figures were NOK 0.9 billion lower.
Final investments in field development for 2012 came to NOK 52 billion. This is a NOK 14.5 billion increase compared with final figures for 2011. The fields with the highest development activity in 2012 were Goliat, Eldfisk II, Ekofisk South and Gudrun.
Fields on stream in 2012 came to NOK 89 billion; an increase of NOK 13.5 billion compared with the previous year. The producing fields with the highest investment activity in 2012 were Ekofisk, Troll and Valhall.
Onshore activity and pipeline transportation in 2012 came to NOK 4.1 and 0.3 billion respectively.
Lower estimate for 2013
Total investments in oil and gas activities for 2013, including pipeline transportation, are now estimated at NOK 198.7 billion. The estimate is NOK 9.1 billion lower than the estimate given in the previous quarter and NOK 12.6 billion higher than the corresponding estimates for 2012 given in the 1st quarter of 2012.
The investments for exploration activity in 2013 are now estimated at NOK 32.8 billion. This is NOK 3.3 billion higher than the corresponding estimate for 2012. The estimate is NOK 4.2 billion lower than the estimation for 2013 given in the fourth quarter of 2012.
Investments for field development are now estimated at NOK 64 billion; an increase of NOK 0.2 billion compared with the estimate in the previous quarter. The estimate is NOK 10.8 billion higher than the corresponding estimate given for 2012.
Investments for fields on stream in 2013 are now estimated at NOK 96.2 billion. This is NOK 6.4 billion lower than the estimate given in the previous quarter and NOK 2.1 billion lower than the corresponding estimate given in the first quarter of 2012. The producing fields with the highest investment activity in 2013 are Troll, Ekofisk and Oseberg.
Onshore activities and pipeline transportation are estimated at NOK 4.6 and NOK 1.2 billion respectively.
The information in the survey was collected from the operators on the Norwegian Shelf in mid-February.