116134_not-searchable
/en/energi-og-industri/statistikker/oljeinv/kvartal
116134
Record high estimates
statistikk
2013-09-05T10:00:00.000Z
Energy and manufacturing
en
oljeinv, Oil and gas activities, investments, petroleum activity, oil production, gas production, pipeline transport, exploration activity, field development, oil fields, gas fields, exploration costs, investment costsOil and gas , Energy and manufacturing
false

Oil and gas activities, investments, Q3 2013

Content

Published:

This is an archived release.

Go to latest release

Record high estimates

Total investments in oil and gas activity, including pipeline transportation, will be higher in 2013 than in 2012. The growth is expected to continue at a more moderate pace in 2014.

Estimated and accrued investment costs for oil and gas extraction and pipeline transport, by the point in time for the estimationPublished 5 September 2013
Investment costs (mill. NOK)
2011201220132014
Estimates made in May in the year before the investment year146 322143 180194 285208 223
Estimates made in August in the year before the investment year148 787171 958204 045215 095
Estimates made in November in the year before the investment year150 806184 591207 8150
Estimates made in February in the year of investments141 141186 044198 6780
Estimates made in May in the year of investments144 368186 654211 3030
Estimates made in August in the year of investments151 706184 942212 7680
Estimates made in Novenber in the year of investments152 594180 60000
Accrued investment costs146 290172 46500

Source: Statistics Norway

Figure 1. Investments. Oil and gas activity. 2011-2014. NOK billion

According to new estimates for 2013, the total investments in oil and gas activity, including pipeline transportation, are expected to amount to NOK 212.8 billion measured in current value. The estimate for 2013 is slightly higher than the estimate given in the previous quarter, but is 15 per cent higher than the corresponding result for 2012. The estimate for 2014 is adjusted upward to NOK 215.1 billion, 5.4 per cent higher than the corresponding estimate for 2013.

Estimates for 2014

The estimate for 2014, NOK 215.1 billion, is the highest estimate since Statistics Norway started collecting estimates in 1985 (measured in current prices). The increase for 2014 compared to the corresponding estimate for 2013 is due to higher investments in field development, fields on stream, onshore activity and pipeline transportation, while the estimate indicates a decrease in exploration.

Investments for field development and fields on stream in 2014 are estimated at NOK 170.3 billion. This is NOK 11.3 billion higher than the corresponding estimate for 2013. The estimate is NOK 5.1 billion higher than the estimate given in the previous quarter.

The investments for exploration activity in 2014 are now estimated at NOK 32.8 billion, which is NOK 2 billion higher than the estimate given in the previous quarter. The estimate is NOK 7.9 billion lower than the estimate for 2013 given in the 3rd quarter of 2012.

Estimates for 2013

Total investments in oil and gas activities for 2013, including pipeline transportation, are estimated at NOK 212.8 billion. The estimate is NOK 27.8 billion higher than the corresponding estimate for 2012 and NOK 1.5 billion higher than the estimate given in the previous quarter.

The accrued investments increased sharply from NOK 44.9 billion in the 1st quarter to NOK 52.3 billion in the 2nd quarter. The operators’ total estimates for the 3rd and 4th quarters are NOK 115.5 billion. The drilling activity seen in July and August indicates a further increase in investment activity from the 2nd quarter to the 3rd quarter. There is therefore reason to believe that some - but less than is normally the case - of the investments planned for 2013 might be postponed until 2014.

The information in the survey was collected from the operators on the Norwegian Shelf in mid August.