Statistics Norway reported Thursday that total investment in oil and gas extraction, as well as pipeline transport, for 2011 were $26.2 billion (NOK 146.3 billion).
This was $1.1 billion (NOK 6.3 billion) lower than the estimate conducted in a survey by Statistics Norway during the last quarter of 2011, but was also an increase of $3.7 billion (NOK 20.9 billion) compared with the investment in 2010. The increase in 2011 is due to higher investment in all investment areas except onshore activity and pipeline transportation, said the organization.
In 2010, investment declined for the first time since 2002, from a level of $24.4 billion (NOK 135.8 billion) in 2009. One of the contributing causes of the decline was the drop in oil prices in the wake of the financial crisis in 2008. Investment for 2011 and estimates for 2012 indicate that a similar trend of increasing investment to those before 2010 continues.
Investment for exploration activity in 2011 came to $4.9 billion (NOK 27.4 billion). Compared with the investment figures in 2010 the 2011 investments were $341 million (NOK 1.9 billion higher), but compared with the previous quarter the figures were $323 million (NOK 1.8 billion) lower.
Investment in field development for 2011 came to $6.7 billion (NOK 37.5 billion). This is a $1.3 billion (NOK 7.1 billion) increase compared with final figures for 2010. The fields with the highest development activity in 2011 were Skarv, Goliat and Gudrun.
Fields on stream in 2011 came to $13.5 billion (NOK 75.5 billion); an increase of $2.4 billion (NOK 13.3 billion) compared with the previous year. The producing fields with the highest investment activity in 2011 were Ekofisk, Troll and Åsgard.
Onshore activity and pipeline transportation in 2011 came to $1 billion and $90 million (NOK 5.4 billion and NOK 0.5 billion) respectively.
Total investment in oil and gas activities for 2012, including pipeline transportation, is estimated at $33.4 billion (NOK 186 billion). The estimate is $269 million (NOK 1.5 billion) higher than the estimate given in the previous quarter and $8.1 billion (NOK 44.9 billion) higher than the corresponding estimate for 2011, given in the first quarter of 2011.
The investment for exploration activity in 2012 is now estimated at $5.3 billion (NOK 29.5 billion). This is $197 million (NOK 1.1 billion) higher than the corresponding estimate for 2011. The estimate is $520 million (NOK 2.9 billion) lower than the estimation for 2012 given in the fourth quarter of 2011.
Investment for field development is now estimated at $9.5 billion (NOK 53.1 billion); an increase of $377 million (NOK 2.1 billion) compared with the estimate in the previous quarter. The main reason for the increase is that the new project Jette has been included in the survey this quarter. The estimate is $4.3 billion (NOK 24.2 billion) higher than the corresponding estimate given for 2011. All the new development projects initiated in 2011 are expected to have significantly higher investment activity in 2012. In addition, large fields, such as Goliat, Gudrun and Ekofisk South, will reach their investment peak next year according to plan.
Investments for fields on stream are now estimated at $17.6 billion (NOK 98.2 billion). This is $341 million (NOK 1.9 billion) higher than the estimate given in the previous quarter and $3.7 billion (NOK 20.8 billion) higher than the corresponding estimate given for 2011 in the first quarter of 2011. The producing fields with the highest investment activity in 2012 are Troll, Ekofisk and Oseberg.
Onshore activities and pipeline transportation are estimated at $861 million and $72 million (NOK 4.8 billion and NOK 0.4 billion respectively).
Most Popular Articles
From the Career Center
Jobs that may interest you