Oil&Gas: Higher investments in 2010

Statoil Kristen Platform. Photo: StatoilHydro.

Statoil Kristen Platform. Photo: StatoilHydro.

Despite the financial crisis, the total investments in oil and gas activity in 2010, including pipeline transportation, are now estimated at NOK 144.4 billion – an increase of NOK 9.4 billion compared with earlier estimates. The increase is mainly due to higher investments in field development and fields on stream, reports Statistics Norway.

The estimate for 2009 has meanwhile been adjusted downwards to NOK 143.5 billion.

Total investments in oil and gas activities for 2010, including pipeline transportation, are estimated at NOK 145.4 billion. This is an increase of NOK 9.4 billion compared with the previous quarter, and NOK 12.6 billion more than the investment estimate for 2009 given in the corresponding quarter of 2009.

The investments for exploration activity in 2010 are now estimated at NOK 22.9 billion. The estimate is the highest exploration estimate since Statistics Norway started collecting estimates in 1985 (measured in current prices). This is NOK 3.6 billion higher than the corresponding estimate for 2009. The estimate is NOK 1.7 billion higher than the estimation for 2010 given in the previous quarter.

Investments for field development and fields on stream are now estimated at NOK 102.3 billion. This is NOK 6.9 billion higher than the estimate given in the previous quarter and NOK 6.7 billion higher than the corresponding estimate for 2009.

Onshore activities and pipeline transportation are estimated at NOK 6.9 and 1.2 billion respectively.

Source: SSB

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