Pareto presentation 29. August Perspectives for the Norwegian continental shelf Jan Rosnes, VP Projects and strategy

From oil and gas to money to more money Norges Bank - NBIM Yearly SDFI cash flow ~100 bill. NOK Pareto presentation 29. August

Overview key subjects on NCS High oil price opportunity and challenge Production and reserve replacement two thoughts at the same time Structural changes diversity required Climate change increased environmental attention Competence development, education, recruitment Pareto presentation 29. August

Two thoughts at the same time Produksjon Explora-tion Develop-ment Plateau Mature Tail-end 0-20% 21-50% 51-95% 96-100% Troll gass Visund Gjøa Statfjord Nord Heidrun Kristin 72% Ormen Lange Snøhvit 16 % Åsgard Statfjord øst Oseberg Tune Ekofisk 88% Gullfaks Grane Kvitebjørn Snorre 80% Vigdis 83% Tordis Draugen Norne Troll olje Veslefrikk New discoveries in new areas Make the most of mature areas Source: NPD Pareto presentation 29. August

Production level hinges on major fields Time critical to maximize value from these fields and surrounding areas Source: NPD/MPE Pareto presentation 29. August

Existing large fields dominate NCS for the next decade Both on capital and operational expenditure Kilder: OLF, McKinsey Pareto presentation 29. August

Undiscovered resources - two important focus areas Total: 3.4 billion Sm3 oe 30% 30% 35% 35% 30% 35% 35% 35% 35 % Pareto presentation 29. August

In addition to the estimated undiscovered resources; there is also a potential in other regions ? Norwegian Sea West of Lofoten Barents Sea North Eastern Barents Sea Jan Mayen Skagerrak Pareto presentation 29. August

Two thoughts at the same time Troll gass Visund Gjøa Make the most of mature areas (Petoro focus: Tampen, Oseberg, Troll, Haltenbanken) New discoveries in new areas (Petoro focus: Norwegian sea, Barents sea) Snøhvit Produksjon Ormen Lange Åsgard Heidrun Grane Kristin Kvitebjørn Snorre Vigdis Oseberg Ekofisk Gullfaks Statfjord Nord Norne Tordis Tune Draugen Statfjord øst Troll olje Veslefrikk Year 2015 Exploration Develop-ment Plateau Mature Tail-end 0-20% 21-50% 51-95% 96-100% Pareto presentation 29. August

Diversity still important for NCS = 82 % av produksjon } Kilde: Econ Petoro Pareto presentation 29. August

Newcomers contributes to diversity … Newcomers contributes to diversity ….. but mainly for exploration in mature areas Source: St.prp.60 (2006-2007 Pareto presentation 29. August

Overview key subjects on NCS High oil price opportunity and challenge Production and reserve replacement two thoughts at the same time Structural changes diversity required Climate change increased environmental attention Competence development, education, recruitment Pareto presentation 29. August