Oil and gas activities, investments, Q1 2001

The high oil price may have induced the companies to take measures to raise production. New fields like Åsgard, Visund, Oseberg East, Troll C, Balder, Jotun and Oseberg South have also contributed to raise investments in fields on stream for 2000 and 2001.

Estimates 2001

Total investments in oil and gas extraction and pipeline transport for 2001 are now estimated at NOK 50.7 billion. This is a NOK 9,4 billion upward adjustment from the estimate for 2001 given last quarter. The upward adjustment is mainly due to higher estimated investments in fields on stream.

Investments in fields on stream for 2001 are now estimated at NOK 26.8 billion. According to the survey, the largest contributors in 2001 will be the fields Troll, Ekofisk and Vallhall. The figure for Vallhall includes the building of a new water injection platform.

The estimate for field development for 2001 is now at NOK 17.1 billion. This is an upward adjustment of NOK 1.6 billion from the survey conducted last quarter, but a NOK 6.1 billion decline from the corresponding estimate for 2000. Estimates for the Glitne development are now included in the survey.

Final figures for 2000

Investments in oil and gas extraction and pipeline transport totalled NOK 53.6 billion in 2000. This a NOK 15.5 billion decline from 1999. The decline is mainly due to lower investments in field development, pipeline transport and onshore activities. However, investments in fields on stream reached a new record high at NOK 23.5 billion.

Investments in field development in 2000 totalled at NOK 22.8 billion, a NOK 12.4 billion decline from 1999. Few development projects have been initiated in recent years and this explains the decline in field development.

Investments in pipeline transport and onshore activities ended at NOK 0.7 billion and NOK 1.3 billion respectively. This was a decline from 1999 at NOK 4.0 billion and NOK 3.0 billion respectively. The decline in investments for pipeline transport is mainly due to lower investments in Europipe II and in the pipeline between Åsgard and Kårstø in 2000 than in 1999.

Final figures for investments in fields on stream ended at NOK 23.5 billion in 2000, a NOK 3.6 billion increase from 1999. The largest contributors in 2000 were the Heidrun, Troll and Snorre fields. For the first time on the Norwegian Continental Shelf investments in fields on stream were higher than investments for field development.

Investments for exploration activities accrued at NOK 5.3 billion in 2000, an increase of NOK 0.3 billion from 1999. The high oil price in 2000 did not have a strong impact on the level of investments for exploration activities.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 1995-2001. Million NOK
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q4 1998-Q4 2000. Million NOK
• Table 3 Accrued investment costs for field development and fields on stream. Q4 1998 - Q4 2000. Million NOK
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2001