Theme - Oil and gas

Key figures 2010:
Total petroleum production	230.3 million Sm³ o.e.
Distributed into petroleum products
Oil	104.4 mill. Sm³ o.e., this amounts to 1.8 million barrels a day
Gas	106.4 mill. Sm³ o.e.
NGL	15.4 mill. Sm³ o.e.
Condensate	4.1 mill. Sm³ o.e.
Estimated resources
Total resources on Norwegian shelf	13 400 Sm³ o.e.
Remaining resources	8 100 mill. Sm³ o.e.

Explanation of terms

Explanation of terms
Crude oil: The term "crude oil" includes NGL (natural gas liquids, a collective term for grades of liquid petroleum) and condensate (a type of light oil that contains a proportion of wet gas) after gas and water have been separated during processing.
Natural gas: Mainly consists of methane, ethane, propane and butane. 80-100 % is methane.
Natural gas is separated into two gases:

Wet gas:

Dry gas:

Refining: Heating process where the components in the oil are separated from each other by transforming into a gaseous state at different temperatures.
Sm³: Standard cubic metres; international unit of measurement used in the petroleum industry. Oil, gas and condensate are measured using a reference condition of 15 degrees and 1.013 bar.
Oil equivalent (o.e.): Term used to give oil, gas and NGL the same unit of measurement.
Brent Blend: Term used as a reference oil for the different oil types in the North Sea. Pricing of oil in the international market is undertaken in relation to reference oils.

Units

Toe= tonne oil equivalent
1 barrel = 159 litres of crude oil
1 Sm³ = 0.84 toe crude oil
1 000 Sm³ gas = 1 Sm³ o.e.

Focus on

Oil and gas

Investments: Total investments in oil and gas activity in 2012, including pipeline transportation, are now estimated at NOK 172 billion; an increase of NOK 28.8 billion compared with the estimates given in the previous quarter. The estimate for 2011 increases by NOK 7.3 billion to NOK 151.7 billion.
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Production and reserves: The production of gas and oil (including NGL and condensate) ended at 109 Sm3 million oil equivalents (o.e.) in the first half of 2011. This is a decrease by almost 10 percent compared to the first half of 2010.
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The international oil market: The increase in the crude oil price seen in the two previous quarters continued in April. The price fell back early in May. Later the crude price partially recovered its loss and was moving sideways during the rest of the 2nd quarter.
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Key figures and employees: The gross value of production and value added in the Norwegian oil and gas industry decreased by 20 and 27 per cent respectively from 2008 to 2009. The decrease came as a consequence of lower oil and gas prices and a continuing reduction in oil production.
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Accounting figures: The oil price is vital to the oil companies' return on capital. A number of price records have been set in recent years, and since 1999, the return on capital has more than doubled.
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