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137268
Lower oil investments next year
statistikk
2014-06-12T10:00:00.000Z
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, Q2 2014

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Lower oil investments next year

Total investments in oil and gas activity in 2015, including pipeline transportation, are NOK 182.4 billion in the preliminary estimate. The estimate for 2014 has gone up NOK 8 billion to NOK 231.7 billion.

Estimated and accrued investment costs for oil and gas extraction and pipeline transport, by the point in time for the estimationPublished 12 June 2014
Investment costs (mill. NOK)
2012201320142015
Estimates made in May in the year before the investment year143 180194 285208 223182 420
Estimates made in August in the year before the investment year171 958204 045215 095.
Estimates made in November in the year before the investment year184 591207 815223 259.
Estimates made in February in the year of investments186 044198 678223 724.
Estimates made in May in the year of investments186 654211 303231 700.
Estimates made in August in the year of investments184 942212 768..
Estimates made in Novenber in the year of investments180 600211 900..
Accrued investment costs173 482211 883..

Source: Statistics Norway

Figure 1. Investments. Oil and gas activity. Estimates given on different points in time. 2012-2015. NOK billion

The estimate for 2014 is NOK 20.4 billion higher than the corresponding estimate for 2013, given in the 2nd quarter of 2013. The estimate for 2015 is NOK 25.8 billion lower than the corresponding estimate for 2014, given in the 2nd quarter of 2013. This indicates that the investments will reach a peak in 2014 and fall again in 2015.

From this quarter, the investment survey also includes the cost component Shutdown and removal . The investments within Shutdown and removal are estimated at NOK 7.4 and 7.9 billion in 2014 and 2015 respectively.

Low first estimates for 2015

The total investment for 2015 is estimated at NOK 182.4 billion. This is NOK 25.8 billion lower than the corresponding estimate for 2014. If the estimate for Shutdown and removal is disregarded, the estimate for 2015 is NOK 33.7 billion lower than the corresponding estimate for 2014.

The decrease is mainly due to significantly lower estimates of field development and fields on stream. The estimates indicate an increased investment in exploration.

Investments for field development and fields on stream in 2015 are estimated at NOK 131.8 billion. This is NOK 33.4 billion lower than the corresponding estimate given for 2014.

Record estimates for 2014

Total investment for 2014 is now estimated at NOK 231.7 billion. The estimate is NOK 8 billion higher than the estimate given in the previous quarter. If the estimate for Shutdown and removal is disregarded, the estimate for 2014 is only NOK 0.6 billion higher than the previous estimate for 2014.

The estimate for 2014 is NOK 20.4 billion higher than the corresponding estimate for 2013, given in the 2nd quarter of 2013. Without the estimate for Shutdown and removal, the increase is NOK 13 billion higher than the corresponding estimate for 2013.

The increase is largest within field development and pipeline transportation. Only a moderate increase is indicated within exploration and onshore activities.

The estimates for fields on stream indicate that the decrease in investments activity will start already this year. The estimate within this cost component for 2014 is NOK 11.8 lower than the corresponding estimate for 2013, given in the 2nd quarter of 2013.

Transfer of cost category shutdown and removal to the investments surveyOpen and readClose

Shutdown and removal costs have been collected annually as a part of the incurred operating costs within the extraction industry.

In accordance with changes in the international recommendations, the Norwegian National Accounts will regard these costs as investments. In order to ensure consistency with the Norwegian National Accounts, these costs are transferred to the quarterly investment survey.