Norway Reports 2Q 2008 O&G Stats, Record Investment Estimates for 2009

Total investments in oil and gas activity in 2009, including pipeline transportation, are NOK 116.9 billion in the first-time estimate. Compared with the first-time estimate for 2008, the new figures for 2008 are NOK 34.3 billion higher.

Estimated investments for field development, fields on stream and exploration activity and onshore activities in 2009 increased compared with those in 2008, whereas estimated investments in pipeline transportation decreased.

Record High Estimates for 2008

The total investments for 2008 are now estimated at NOK 132.3 billion. This is an increase of NOK 2.1 billion compared with the previous quarter, and NOK 20.8 billion more than the investment estimate for 2007 given in the second quarter of 2007.

The investments for exploration activity in 2008 are now estimated at NOK 28.1 billion. This is NOK 3.3 billion higher than the corresponding estimate for 2007. The estimate is NOK 1.2 billion lower than the estimation for 2008 given in the 1st quarter 2008.

Investments for field development and fields on stream are now estimated at NOK 96.8 billion. This is an increase of NOK 1 billion compared with the estimate in the previous quarter and NOK 24.8 billion higher than the corresponding estimate given for 2007.

Onshore activities and pipeline transportation are estimated at NOK 5.2 and 2.1 billion respectively.

Estimates for 2009

The total investments for 2009 are now estimated at NOK 116.9 billion. This is an increase of NOK 34.3 billion compared with the investment estimate for 2008 given in the 2nd quarter of 2007.

The investments for exploration activity in 2009 are now estimated at NOK 15.4 billion. The estimate is NOK 7.1 billion higher than the estimation for 2008 given in the 2nd quarter 2007.

Investments for field development and fields on stream are now estimated at NOK 94.2 billion. This is NOK 24.7 billion higher than the corresponding estimate given for 2008.

Onshore activities and pipeline transportation are estimated at NOK 7 and 0.3 billion respectively.

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