Oil and gas activities, investments, Q1 2003

The estimate is NOK 15.4 billion higher than the corresponding estimate given for 2002 in the 1^{s t} quarter 2002.

Final investments in 2002: Record low exploration activity

The final investments in oil and gas activity for 2002, including pipeline transportation, are NOK 54.0 billion. Compared with final figures for 2001, the figures for 2002 are NOK 3.1 billion lower.

The final investments for exploration activity in 2002 are NOK 4.5 billion. Compared with the final investment figures in 2001 the 2002 investments are NOK 2.3 billion lower. This is a reduction of close to 35 per cent. If one compares the 2002 exploration investments with previous years in fixed prices, one can see that there has not been a single year, since the investment statistics started in 1985, which has had a lower investment level than 2002.

The final investments for field development and fields on stream in 2002 are NOK 17.9 and 27.0 billion respectively. For field development this is NOK 2.3 billion lower than the final investments in 2001. For fields on stream investments in 2002 were NOK 0.2 billion less than in 2001. If we compare the total investments for fields, including field development and fields on stream, one can see the development in the investments for fields. In 2000 investments were NOK 46.3 billion, in 2001 47.4 and in 2002 44.9 billion.

The onshore activity in 2002 totalled NOK 3.6 billion, and the pipeline transportation systems NOK 1.1 billion.

Estimate for 2003: High estimates for field investments

The total investments in 2003 are now estimated at NOK 71.1 billion. This is NOK 15.4 billion higher than the estimate for 2002 given in the 1^{s t} quarter 2002. There is, however, a great deal of uncertainty in the NOK 71.1 billion estimates because of the special conditions that have characterized the industry lately. The low rate of discoveries has created uncertainty in both the oil industry and engineering and purveyor industry.

The investments for exploration activity are now estimated at NOK 5.1 billion. It is difficult to predict the investment development for exploration in 2003. If one continues to drill dry wells, one might see even lower investments for exploration in 2003 than in 2002.

Concerning field development and fields on stream the estimates are NOK 19.1 and 33.6 billion respectively. In 2003 the development investments will be highest for Kristin, Grane and Fram West. The Snøhvit development is in 2003 mainly connected to the building of the onshore terminal Melkøya, and is included under onshore activity. If one sees the investments for fields combined, the estimate for 2003 is NOK 52.7 billion, and the corresponding estimate for 2002 given in the 1^{s t} quarter 2002 was NOK 47.3 billion.

Investments in the onshore activity are now estimated at NOK 11.9 billion. The high estimate is mainly due to the development of Melkøya terminal, the onshore part of Snøhvit.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 1999-2003. Million NOK
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q4 2000-Q4 2002. Million NOK
• Table 3 Accrued investment costs for field development and fields on stream. Q4 2000-Q4 2002. Million NOK
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2003