Oil and gas activities, investments, Q3 2003

The estimated investments for exploration activity for the year 2003 are downward adjusted from NOK 4.5 to 4.2 billion.

Estimate for 2003: NOK 67.0 billion

Total investments in 2003 are now estimated at NOK 67.0 billion. Compared with the estimate for 2002, given in the 3^{r d} quarter 2002, the estimate for 2003 is NOK 8.3 billion higher. At the same time the estimate has been downward adjusted by NOK 2.4 billion from the previous quarter.

The investments for exploration activity are now estimated at NOK 4.2 billion. The estimate for 2003 is NOK 1.0 billion below the estimate for 2002 given at the same time in 2002, and NOK 0.3 billion below the final investments in 2002.

At the same time as the estimate for 2003 are reduced, the investments in exploration in the 2^{n d} quarter were higher than in the most recent four quarters. The accrued investments increased from NOK 0.9 billion in the 1^{s t} quarter to NOK 1.3 billion in the 2^{n d}.

Investments for fields are now estimated to NOK 48.2 billion, which is a downward adjustment of NOK 2.1 billion from the previous quarter. The adjustment is mainly linked to fields on stream. Fields on stream are now estimated at NOK 30.9 billion. The estimates for field development are stable at NOK 17.3 billion. Despite a shift in the investment pattern from field development to fields on stream, the total investments for fields are stable. The total investments for fields were NOK 46.3 billion in 2000, 47.4 in 2001, 44.9 in 2002, and are estimated at NOK 48.2 billion in 2003.

Onshore activity and pipeline transportation are estimated at NOK 11.5 and 3.0 billion respectively.

Estimate for 2004: High estimates for fields on stream

Total investments in oil and gas activity in 2004, including pipeline transportation, are now estimated at NOK 66.7 billion. Compared with the estimate for 2003, given in the 3^{r d} quarter 2002, the estimate for 2004 is NOK 11.5 billion higher. Especially investments for fields on stream and onshore activity are higher for 2004 than for 2003, whereas the estimates for field development are lower.

Investments for exploration activity in 2004 are estimated at NOK 7.5 billion. Compared with corresponding estimates for 2003, the estimate for 2004 are NOK 0.8 billion higher.

Field investments are estimated at NOK 43.9 billion, NOK 4.1 billion higher than the corresponding estimate for 2003. For field development the estimate is considerably lower for 2004 than for recent years. Many field development projects will be finished the coming winter, and there are few new projects in 2004. Investment estimates for fields on stream are NOK 9.0 billion higher for 2004 than the corresponding estimate for 2003. Ekofisk, Sleipner and Oseberg are large projects that are increasing the investment estimates for 2004.

Onshore activity and pipeline transportation are estimated at NOK 12.5 and 2.9 billion respectively.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 1999-2004. Million NOK
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q2 2001-Q2 2003. Million NOK
• Table 3 Accrued investment costs for field development and fields on stream. Q2 2001-Q2 2003. Million NOK
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2004