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179110
Lower estimates for 2014
statistikk
2014-09-03T10:00:00.000Z
Energy and manufacturing
en
oljeinv, Oil and gas activities, investments, petroleum activity, oil production, gas production, pipeline transport, exploration activity, field development, oil fields, gas fields, exploration costs, investment costsOil and gas , Energy and manufacturing
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Oil and gas activities, investments, Q3 2014

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Lower estimates for 2014

Total investments in oil and gas activity in 2014, including pipeline transportation, are estimated at NOK 227.3 billion, which is NOK 4.4 billion lower than estimated in the previous quarter. The estimate for 2015 has been adjusted upwards by NOK 2.8 billion to NOK 185.3 billion.

Estimated and accrued investment costs for oil and gas extraction and pipeline transport, by the point in time for the estimationPublished 3 September 2014
Investment costs (mill. NOK)
2012201320142015
Estimates made in May in the year before the investment year143 180194 285208 223182 420
Estimates made in August in the year before the investment year171 958204 045215 095185 256
Estimates made in November in the year before the investment year184 591207 815223 259.
Estimates made in February in the year of investments186 044198 678223 724.
Estimates made in May in the year of investments186 654211 303231 700.
Estimates made in August in the year of investments184 942212 768227 267.
Estimates made in Novenber in the year of investments180 600211 900..
Accrued investment costs173 482211 883..

Source: Statistics Norway

Figure 1. Investments. Oil and gas activity. Estimates given on different points in time

The estimate for 2014 is NOK 14.5 billion higher than the corresponding estimate for 2013, given in the 3rd quarter of 2013. The estimate for 2015 is NOK 29.8 billion lower than the corresponding estimate for 2014, given in the 3rd quarter of 2013.

There is reason to believe that the fall in investments indicated in the survey might be softened when the upcoming development project, Johan Sverdrup, is included in the survey. This will take place when the Plan for development and operation (PDO) has been submitted to the authorities, which is expected to be in the 1st quarter of 2015.

Upward adjusted estimate for 2015

The total investment for 2015 is estimated at NOK 185.3 billion; NOK 2.8 billion more than estimated in the previous quarter.

The decrease compared to the corresponding estimates is mainly due to significantly lower estimates for field development and fields on stream. Investments for field development and fields on stream in 2015 are estimated at NOK 133.6 billion. This is NOK 36.6 billion lower than the corresponding estimate given for 2014.

The investments for exploration activity in 2015 are now estimated at NOK 32.2 billion, which is NOK 1.1 billion lower than the estimate given in the previous quarter. The estimate is NOK 0.6 billion lower than the estimate for 2014 given in the 3rd quarter of 2013.

Onshore activities and pipeline transportation are now estimated at NOK 4.5 and 4.8 billion respectively.

Downward adjusted estimate for 2014

Total investment for 2014 is now estimated at NOK 227.3 billion. This is NOK 4.4 billion lower than the estimate given in the previous quarter, and NOK 14.5 billion higher than the corresponding estimate for 2013 given in the 3rd quarter of 2013.

The increase in relation to 2013 is mainly due to significantly higher estimates of field development. The estimates indicate a decrease in investment within fields on stream.

The investments within removal and shutdown in 2014 are estimated at NOK 8.1 billion, which is NOK 5.3 billion higher than final investment for this cost category in 2013.

The information in the survey was collected from the operators on the Norwegian Shelf in mid-August.