Oil and gas activities, investments, Q1 2004

Total investments in 2004 are now estimated at NOK 63.9 billion. This is NOK 0.8 billion higher than the estimate given in the 4^{t h} quarter 2003.

Final investments in 2003: Record low exploration activity

The final investments in oil and gas activities for 2003, including pipeline transportation, were NOK 64.3 billion. This is NOK 1.6 billion lower than the estimates given in the 4^{t h} quarter 2003.

The final investments for exploration activity in 2003 were NOK 4.1 billion. Compared with the final investments figures in 2002 the 2003 investments were NOK 0.4 billion lower. Since the investments statistics started in 1985 the investments have never been lower in a single year.

The final investments for field development and fields on stream in 2003 were NOK 16.8 and 29.8 billion respectively. For field development this is NOK 1.1 billion lower than the final investments in 2002. For fields on stream investments in 2003 were NOK 2.8 billion higher than in 2002.

The onshore activity in 2003 totalled NOK 10.8 billion. The high investments are mainly due to the development of Melkøya terminal, the onshore part of Snøhvit.

Estimates for 2004

Total investments in 2004 are now estimated at NOK 63.9 billion - NOK 7.2 billion lower than the estimates for 2003 given in the 1^{s t} quarter 2003.

The investments for exploration activity in 2004 are now estimated at NOK 4.0 billion. This is NOK 1.1 billion less than the corresponding estimate for 2003. The estimate is also NOK 0.9 billion lower than the estimation for 2004 given in the 4^{t h} quarter 2003.

Concerning field development and fields on stream the estimates are NOK 10.7 and 33.1 respectively.

Investments in the onshore activity are now estimated at NOK 12.3 billion.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 1999-2004. NOK million
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q4 2001-Q4 2003. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q4 2001 - Q4 2003. NOK million
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2004