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Weekly Bulletin issue no. 39, 1998 <sti>Stikktittel

Yearly statistics for the oil activities, 1997:

Big cost cuts at the oil and gas fields


In 1997 the inputs at the producing oil and gas fields amounted to NOK 16.6 billion. This is a reduction of NOK 1.8 billion or 9.9 percent from 1996. At the same time the total petroleum production rose by 2.6 percent from 1996 to 1997. Hence, the input at the fields declined from NOK 12.46 to NOK 10.95 per recovered barrel of petroleum.
This is the lowest figure ever recorded for input per recovered barrel. It was particularly the Oseberg, Tordis and Draugen fields that contributed to the decline in inputs, but many other fields have also reported reduced costs. The inputs for the whole oil industry declined by NOK 0.4 billion or 1.1 percent from 1996 to 1997 and amounted to NOK 33.6 billion.

The value-added increased by fully 9.8 percent or NOK 16.4 billion to NOK 183.8 billion from 1996 to 1997. Apart from reduced costs, the most important contributions to this increase were increased natural gas prices and higher production of natural gas in 1997. There was also considerable growth in the value-added of petroleum-related service activities and oil drilling on a contract basis from 1996 to 1997.

The oil industry includes the operators' and rights licensees' activities related to the recovery and transport by pipeline of crude oil and natural gas, related service activities, and oil drilling on a contract basis. The value-added is an expression for the wealth generated by these activities. It is primarily determined by three factors: production, price and inputs.

The sales value of the crude oil and natural gas production in 1997 has been calculated as NOK 178.5 billion. This is 7.1 percent higher than in 1996. It was primarily the two big gas fields, Sleipner Øst and Troll Øst, that contributed to the increased sales value, but the value of production also increased considerably at the Heidrun, Draugen and Troll Vest fields. The production of natural gas rose by 5.8 billion Sm3 (standard cubic metres), while the crude oil production, including NGL (natural gas liquids) and condensate underwent a slight decline. The sales price of crude oil was about the same for both years, while the nominal natural gas price rose by 12.6 percent.

New statistics
Yearly statistics for the oil activities, 1997.
The statistics are published annually in the Weekly Bulletin of Statistics and the Official Statistics of Norway (NOS) Oil and Gas Activity, 3rd quarter. For more information and e-mail contact: jorn.bugge @ssb.no, tel. +47 21 09 47 67 or lise.dalen@ssb.no, tel. +47 21 09 47 68. Tables can be found in the Statistical Annex on pages 29-32.

Weekly Bulletin issue no. 39, 1998