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This paper presents an estimate of the oceanic Lorenz energy cycle derived from a simulation forced by 6-hourly fluxes obtained from NCEP–NCAR reanalysis-1. The total rate of energy generation amounts to 6.6 TW, of which 1.9 TW is generated by the time-mean winds and 2.2 TW by the time-varying winds. The dissipation of kinetic energy amounts to 4.4 TW, of which 3 TW originate from the dissipation of eddy kinetic energy. The energy exchange between reservoirs is dominated by the baroclinic pathway and the pathway that distributes the energy generated by the time-mean winds. The former converts 0.7 to 0.8 TW mean available potential energy to eddy available potential energy and finally to eddy kinetic energy, whereas the latter converts 0.5 TW mean kinetic energy to mean available potential energy.This energy cycle differs from the atmospheric one in two aspects. First, the generation of the mean kinetic and mean available potential energy is each, to a first approximation, balanced by the dissipation. The interaction of the oceanic general circulation with mesoscale eddies is hence less crucial than the corresponding interaction in the atmosphere. Second, the baroclinic pathway in the ocean is facilitated not only by the surface buoyancy flux but also by the winds through a conversion of 0.5 TW mean kinetic energy to mean available potential energy. In the atmosphere, the respective conversion is almost absent and the baroclinic energy pathway is driven solely by the differential heating.