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This is an archived release.
Higher estimate for 2014
Total investments in oil and gas activity in 2014, including pipeline transportation, are now estimated at NOK 223.3 billion; an increase of NOK 8.2 billion compared with the estimates given in the previous quarter. The estimate for 2013 is adjusted downward to NOK 211.9 billion.
| Investment costs (mill. NOK) | ||||
|---|---|---|---|---|
| 2011 | 2012 | 2013 | 2014 | |
| Estimates made in May in the year before the investment year | 146 322 | 143 180 | 194 285 | 208 223 |
| Estimates made in August in the year before the investment year | 148 787 | 171 958 | 204 045 | 215 095 |
| Estimates made in November in the year before the investment year | 150 806 | 184 591 | 207 815 | 223 259 |
| Estimates made in February in the year of investments | 141 141 | 186 044 | 198 678 | 0 |
| Estimates made in May in the year of investments | 144 368 | 186 654 | 211 303 | 0 |
| Estimates made in August in the year of investments | 151 706 | 184 942 | 212 768 | 0 |
| Estimates made in Novenber in the year of investments | 152 594 | 180 600 | 211 900 | 0 |
| Accrued investment costs | 146 290 | 172 465 | 0 | 0 |
The estimate for 2013 is NOK 31.3 billion higher than the corresponding estimate for 2012, given in the 4th quarter of 2012, while the estimate for 2014 is NOK 15.4 billion higher than the corresponding estimate for 2013, given in the 4th quarter of 2012 (see figure). The estimates given now confirm the indications from the previous two surveys of a strong increase in the investment level in 2013 and a more moderate increase in 2014.
Higher estimates for 2014
The estimate for 2013 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, and onshore activity. In fields on stream, the estimate now for 2014 is at the same level as the estimate for 2013, given in the 4th quarter of 2012, while the estimate in exploration indicates a decrease compared with the corresponding estimate for 2013.
The investments for exploration activity in 2014 are now estimated at NOK 30.9 billion, which is NOK 1.9 billion lower than in the estimate given in the previous quarter. The estimate is NOK 6.1 billion lower than the estimation for 2013 given in the 4th quarter of 2012.
Investments for field development in 2014 are now estimated at NOK 79.4 billion. This is NOK 9.3 billion higher than the estimate given in the previous survey. The increase is due to a number of factors. In some development projects, investments initially planned for implementation in 2013 are now moved to next year. In other projects, investment plans are speeded up; investments initially planned for implementation in 2015 are moved to 2014. Some development projects have met technological challenges, which have pushed the costs up. The high activity in the oil and gas sector has also resulted in higher costs in many of the development projects.
The estimate for 2014 is NOK 15.6 billion higher than the corresponding estimate for 2013, given in the 4th quarter of 2012. All the new development projects initiated in 2012 and 2013 are expected to have significantly higher investment activity in 2014. In addition, many fields will reach their investment peak next year according to plan.
Downward adjustment in estimates for 2013
Total investments in oil and gas activities for 2013, including pipeline transportation, are estimated at NOK 211.9 billion. The estimate is NOK 31.3 billion higher than the corresponding estimate for 2012 and NOK 0.9 billion lower than the estimate given in the previous quarter.
The accrued investments in the first three quarters in 2013 summed up to NOK 153.2 billion. This corresponds to a quarterly average of NOK 51.1 billion. Realisation of the current estimate for 2013 assumes investments of NOK 58.7 billion in the 4th quarter.
Investments in the exploration activity in 2013 are estimated at NOK 35.2 billion, which is NOK 0.8 billion lower than the estimate given in the previous quarter. The estimate is NOK 7.3 billion higher than the corresponding estimate for 2012, presented in the 4th quarter of 2012.
Investments for field development and fields on stream in 2013 are now estimated at NOK 169 billion; a decrease of NOK 0.4 billion compared with the estimate in the previous quarter and NOK 21.1 billion higher than the corresponding estimate for 2012.
The information in the survey was collected from the operators on the Norwegian Shelf in mid November.
The statistics is published with Investments in oil and gas, manufacturing, mining and electricity supply.
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