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Norway's oil investments drop to flatten out next year

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Staff writer ▼ | June 13, 2015
Norway oil
Norway   Total investments in oil and gas activity

Total investments in oil and gas activity in 2016, including pipeline transportation, are NOK 184.9 billion in the preliminary estimate.

This is 1.4 percent higher than the corresponding estimate for 2015.

The estimate for 2015 has been adjusted upwards by NOK 0.6 percent to NOK 190.1 billion.

After a strong increase in the investments from 2010 to 2013, the investments flattened out and peaked in 2014. Recent investment surveys indicate a significant decrease in the investment level in 2015. The oil companies` preliminary estimates indicate that the fall will flatten out in 2016.

2016

The total investment for 2016 is estimated at NOK 184.9 billion. This is 1.4 percent higher than the corresponding estimate for 2015. The increase is due to higher estimates for exploration, field development and shutdown and removal, while the estimates indicate decreased investment in fields on stream, pipeline transportation and onshore activity.

Investments for field development and fields on stream in 2016 are estimated at NOK 128.7 billion. This is 2.4 percent lower than the corresponding estimate for 2015, given in the 2nd quarter of 2014. The development project Maria has been added to the survey since the previous quarter.

Onshore activities and pipeline transportation are estimated at NOK 4.3 and 2.9 billion respectively. Both of these figures represent a decrease compared to the corresponding estimates given for 2015. The investments for exploration activity in 2016 are now estimated at NOK 36.9 billion. The estimate is 10.7 percent higher than the estimation for 2015 given in the 2nd quarter of 2014.

2015

Total investments in oil and gas activities for 2015, including pipeline transportation, are now estimated at NOK 190.1 billion. The estimate is 0.6 percent higher than the estimate given in the previous quarter.

The estimate for 2015 is 18 percent lower than the corresponding estimate for 2014, given in the 2nd quarter of 2014. The decrease is due to lower investments in all investment areas except onshore activity and shutdown and removal, which seems to increase the investment level compared to 2014.

Investments in the exploration activity in 2015 are estimated at NOK 27.2 billion, which is 5 percent higher than the estimate given in the previous quarter. The estimate is 23.7 percent lower than the corresponding estimate for 2014, presented in the 2nd quarter of 2014.

Investments for field development and fields on stream in 2015 are now estimated at NOK 138.7 billion. The estimate is 21.6 percent lower than the corresponding estimate for 2014, given in the 2nd quarter of 2014.

The information in the survey was collected from the operators on the Norwegian Shelf in May/June.


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