Strong Growth In Oil And Gas Investments

08 Mar 2013

Final investments in oil and gas activity in 2012 - including pipeline transportation - were NOK 172.5 billion; 18 per cent higher than in 2011. The forecast for 2013 has been adjusted downwards to NOK 198.7 billion, according to Statistics Norway.

The estimate for 2013 is 7 per cent higher than the comparable estimate for 2012 and indicates a lower growth in 2013 than in the last year.

Total investments in oil and gas extraction and pipeline transport for 2012 were NOK 172.5 billion. This is NOK 8.1 billion lower than the estimate conducted in the survey last quarter, but an increase of NOK 26.2 billion compared with the final investments in 2011. The increase in 2012 is due to higher investments in fields on stream and field development, while the investments in exploration, onshore activity and pipeline transportation decreased.

The final investments for exploration activity in 2012 came to NOK 27.0 billion. Compared with the final investment figures in 2011, the 2012 investments were NOK 0.4 billion lower. Compared with the previous quarter, the final figures were NOK 0.9 billion lower.

Final investments in field development for 2012 came to NOK 52 billion. This is a NOK 14.5 billion increase compared with final figures for 2011. The fields with the highest development activity in 2012 were Goliat, Eldfisk II, Ekofisk South and Gudrun.

Fields on stream in 2012 came to NOK 89 billion; an increase of NOK 13.5 billion compared with the previous year. The producing fields with the highest investment activity in 2012 were Ekofisk, Troll and Valhall, according to Statistics Norway.

Onshore activity and pipeline transportation in 2012 came to NOK 4.1 and 0.3 billion respectively.

Total investments in oil and gas activities for 2013, including pipeline transportation, are now estimated at NOK 198.7 billion. The estimate is NOK 9.1 billion lower than the estimate given in the previous quarter and NOK 12.6 billion higher than the corresponding estimates for 2012 given in the 1st quarter of 2012.

The investments for exploration activity in 2013 are now estimated at NOK 32.8 billion. This is NOK 3.3 billion higher than the corresponding estimate for 2012. The estimate is NOK 4.2 billion lower than the estimation for 2013 given in the fourth quarter of 2012.

Investments for field development are now estimated at NOK 64 billion; an increase of NOK 0.2 billion compared with the estimate in the previous quarter. The estimate is NOK 10.8 billion higher than the corresponding estimate given for 2012.

Investments for fields on stream in 2013 are now estimated at NOK 96.2 billion. This is NOK 6.4 billion lower than the estimate given in the previous quarter and NOK 2.1 billion lower than the corresponding estimate given in the first quarter of 2012. The producing fields with the highest investment activity in 2013 are Troll, Ekofisk and Oseberg, Statistics Norway reports.

Onshore activities and pipeline transportation are estimated at NOK 4.6 and NOK 1.2 billion respectively.

Source: http://www.norwaypost.no/index.php/news/latest-news/28230-strong-growth-in-oil-and-gas-investments