Oil and gas activities, investments, Q3 2008

The estimate for 2009 is the highest exploration estimates since Statistics Norway started collecting estimates in 1985 (measured in current prices).

Higher estimates for 2009

Total investments in oil and gas activities for 2009, including pipeline transportation, are estimated at NOK 132.8 billion. The estimate is NOK 13.8 billion higher than the corresponding estimate for 2008 and NOK 15.9 billion higher than the estimate given in the previous quarter.

Investments in the exploration activity in 2009 are estimated at NOK 31.4 billion. The estimate is NOK 4.1 billion higher than the corresponding estimate for 2008, presented in the third quarter of 2007.

Investments for field development and fields on stream are now estimated at NOK 95.6 billion, an increase of NOK 1.4 billion compared with the estimate in the previous quarter and NOK 7.9 billion higher than the corresponding estimate for 2008.

Onshore activities and pipeline transportation are estimated at NOK 5.4 and NOK 0.5 billion respectively.

Lower estimates for 2008

Total investments in oil and gas extraction and pipeline transport for 2008 are now estimated at NOK 128.2 billion, a decrease of NOK 4.4 billion compared with the estimate last quarter, but an increase of NOK 10.6 billion compared with the estimate given for 2007. The increase for 2008 is due to higher investments in exploration, field development and fields on stream while the estimates indicate a decrease in onshore activity and pipeline transportation.

Exploration activities in 2008 are now estimated at NOK 25.1 billion. Compared with the corresponding estimate given for 2007, the estimate for 2008 is NOK 3.1 billion higher.

Investments in field development and fields on stream in 2008 are now estimated at NOK 96.3 billion. This is a decrease of NOK 0.8 billion compared with estimates given in the previous quarter. The estimate is NOK 16.0 billion higher than the corresponding estimate for 2007.

Onshore activity and pipeline transportation are estimated at NOK 4.8 and NOK 2.0 billion respectively.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 2003-2009. NOK million
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q2 2006-Q2 2008. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q2 2006-Q2 2008. NOK million
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2009. NOK million and per cent