Preliminay estimates from the industry, shows that it expects total investments in oil and gas activity in 2016, including pipeline transportation, to be NOK 184.9 billion. This preliminary estimate is 1.4 per cent higher than the corresponding estimate for 2015, Statstics Norway (SSB) reports. The estimate for 2015 has been adjusted upwards by NOK 0.6 per cent 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.

The total investment for 2016 is estimated at NOK 184.9 billion. This is 1.4 per cent 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 per cent 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 per cent higher than the estimation for 2015 given in the 2nd quarter of 2014.

(Press release)

The Norway Post