Oil and gas activities, investments, Q1 2010

Estimates for 2010

Total investments in oil and gas extraction and pipeline transport for 2010 are now estimated at NOK 135.6 billion. This is NOK 3.0 billion lower than the estimate conducted in the survey last quarter. The estimate is NOK 1.8 billion lower than the corresponding estimate for 2009 given in the 1st quarter of 2009 and indicates a relatively stable level of investments from 2009 to 2010.

Investments for field development and fields on stream are now estimated at NOK 102.2 billion.

This is NOK 0.5 billion higher than the estimate given in the previous quarter and NOK 1.9 billion higher than the corresponding estimate for 2009, given in the 1st quarter of 2009. The plan for the development project Gudrun has recently been sent to the government for approval. According to the plan, the investments in Gudrun will amount to NOK 4 billion in 2010. These investments will be included in the survey if and when the project is approved by the government.

Investments for exploration activity in 2010 are estimated at NOK 24.5 billion. The estimate is NOK 4.8 billion lower than the corresponding estimate for 2009, given in the 1st quarter of 2009.

Onshore activities and pipeline transportation are estimated at NOK 7.1 and 1.8 billion respectively.

Final investments in 2009

Total investments in oil and gas extraction and pipeline transport for 2009 were NOK 135.1 billion. This is NOK 6.1 billion lower than the estimate conducted in the survey last quarter, but an increase of NOK 11.2 billion compared with the final investments in 2008. The increase in 2008 is due to higher investments in all investment areas except pipeline transportation.

The final investments for exploration activity in 2009 came to NOK 27.9 billion. Compared with the final investment figures in 2008, the 2009 investments were NOK 3.5 billion higher. Compared with the previous quarter, the final figures were NOK 1.8 billion lower.

Final investments in field development and fields on stream for 2009 came to NOK 100.2 billion. This is a NOK 7.3 billion increase compared with final figures for 2008.

Onshore activity and pipeline transportation in 2008 came to NOK 6.6 and 0.5 billion respectively.

Tables:

• Table 1 Accrued and estimated investment costs. Extraction of crude petroleum and natural gas and transport via pipelines. 2005-2010. NOK million
• Table 2 Accrued investment costs for oil and gas exploration, by cost category. Q4 2007-Q4 2009. NOK million
• Table 3 Accrued investment costs for field development and fields on stream. Q4 2007-Q4 2009. NOK million
• Table 4 Estimated and accrued investment costs for oil and gas extraction and pipeline transport. 1985-2010 (Corrected 4 March 2010 at 1210)