In 2007, we invested more than NOK 76,1 billion in our own business.
The high investment level is due to a high activity level and to underlying price growth. Substantial investments have been made in Norway, Canada and the USA.
The figures for Norway reflect a generally high level of investment activity on the Norwegian continental shelf as well as major investment projects such as Snøhvit and Ormen Lange. The high investment activity in Canada is due to the acquisition of North American Oil Sands Corporation (NAOSC) for approximately USD 2 billion.
For the USA, the investment figures reflect the fact that we took over Anadarko's interests in two discoveries and one exploration prospect in the American sector of the Gulf of Mexico. In order to ensure long-term development, we will maintain a high level of investment in the years ahead.
Our international business made social investments in the magnitude of USD 7.7 million in 2007. Social investments are part of our business and social responsibility plans for countries in which we operate.
These investments are spread over different projects which all fall under our three priority areas: transparency and anti-corruption, human rights and labour standards, and local spin-offs. These investments support our core business by creating common interests with our stakeholders in the host countries in which we operate.
Social investments are based on commercial considerations and they aim to produce sustainable economic activity. We endeavour to avoid creating dependency and supporting unproductive projects.
