The State's revenues from the petroleum activities in 2002 are estimated to be NOK 205,5 billion. This is NOK 39 billion lower than the estimate for 2001.

The estimate for 2002 is based on an oil price of NOK 200 per barrel, and the estimate for 2001 is based on an oil price of NOK 230 per barrel. The total export value from the petroleum operations is estimated to be reduced by NOK 9 billion from 2001, to about NOK 310 billion in 2002.

The average oil production on the Norwegian continental shelf is expected to increase to approximately 3.2 million barrels per day in 2002. The gas export from the Norwegian continental shelf is expected to increase with 9 billion Scm, from about 62 billion Scm in 2001 to about 71 billion Scm in 2002.

A slight reduction is expected in the investment level in petroleum operations. In 2002, investments are estimated to about NOK 55 billion, compared with about NOK 56 billion this year. Exploration drilling and exploration investments in the petroleum operations are included in this estimate. The investments in 2002 are mainly decided by the plans for fields in production and approved field developments.

The State's net cash flow from the petroleum operations is estimated to be NOK 205.5 billion in 2002. Of this, NOK 117.5 billion are taxes and fees, and NOK 88.4 billion are net payments from the SDFI and dividend from Statoil. The State's share of removal costs is estimated to NOK 140 million. The operating cost for Petoro AS is estimated NOK 250 million.

Petoro AS is the new caretaker and manager of the State's Direct Financial Interest (SDFI). As earlier, the Norwegian State is the owner of the SDFI shares. There is a distinction between the economical factors related to SDFI and Petoro' operating cost. Income, outcome and investments regarding SDFI will be granted by Parliament, and the net cash flow will go directly to the treasury. Petoro will be operated on the basis of separated allocated funds from Parliament. Petoro AS will keep separate accounts for SDFI and the operating cost of Petoro.

The world oil market situation has changed since last year. Despite the fact that OPEC has cut production three times this year with a total amount of 3.5 million barrels a day, we have seen a moderate stock building. The oil price has stayed high the last two years. However, it now seems clear that the world economy is experiencing a recession, with declining demand for crude oil.