Det norske a new large independent. Odd Ragnar Heum, Det norske oljeselskap ASA

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1 Det norske a new large independent Odd Ragnar Heum, Det norske oljeselskap ASA

2 A new large independent Who we are... How we will operate A fully fledged O&G company Among the largest European Independents Value driven and disciplined in everything we do Focused around our core areas A challenger on the Norwegian Continental Shelf Efficient in how we run all our operations An operator with a unique asset base Agile and flexible in the way we are organized Greater Alvheim Area Ivar Aasen Johan Sverdrup Exploration

3 A new era for Det norske Acquisition of Marathon Oil Norge AS completed: Closing on Oct 15, 2014 as per plan Integration process completed in 4 ½ months Greater Alvheim Area new great operator position Development Projects: Bøyla field to commence production early in 2015 Ivar Aasen development on schedule Johan Sverdrup development on schedule, Impact Assessment submitted, unitisation negotiations ongoing Ceremony on the Alvheim FPSO 3

4 Short term priorities Drive execution: Build optionality: n Deliver the Ivar Aasen development n Continue to optimize the capital structure n Maximise value from the Alvheim area n Cost efficiency n Secure position in Sverdrup unitisation n Long-term reserve replacement strategy n Ensure successful integration of MONAS 4

5 Production

6 Det norske s producing assets The Greater Alvheim Area Alvheim, Vilje, Volund and Bøyla* Approx boepd Around 90% oil Alvheim FPSO boepd capacity «Alvheim FPSO» Alvheim Other producing assets Jette (operator) Jotun Varg Atla Volund Bøyla* * Q Vilje

7 ALVHEIM Extending the Plateau Deliver the IOR projects Mature additional infill opportunities Area gas strategy Gross BOEPD 0 Gross volumes from Alvheim, Vilje and Volund produced across Alvheim FPSO 7

8 ALVHEIM Increased reserve&resource base 8

9 Development Projects 9

10 BØYLA Production to commence in Q The diving support vessel Scandi Arctic prepares wells on Bøyla The diving campaign to continue through Q4 Project on schedule for a Q1 start-up Diving campaign ongoing The Alvheim FPSO is ready to receivebøyla production 10

11 IVAR AASEN Ivar Aasen field development Volume increased from 150 to 210 million boe - 35 percent increase 74 million boe to Det norske Two new licenses in Ivar Aasen Unit, PL457 and PL338 Det norske has 34,78 percent working interest 11

12 IVAR AASEN From a global perspective Drammen: Mechanical couplings pipeline Aasen - Grieg Oslo: Pipelines and cable Stord: Living quarters Stavanger Maersk CJ70 rig Trondheim: Project management Trondheim: Operations Trondheim/Oslo: EICT Kuala Lumpur: Engineering London: Engineering Sense/France: Well head and X-mas trees Sardinia Jacket Singapore Topside 50 percent of the development is delivered from Norway 12

13 IVAR AASEN Development on time and budget H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Concept selection FEED studies PDO approval Unitisation Agreement Construction of jacket Construction of topside Construction of LQ Maersk Interceptor to Norway Drilling of geo-pilots Ivar Aasen development concept Jacket lifted into place Drilling of production wells Topside to leave SMOE yard 13

14 JOHAN SVERDRUP A new giant at the NCS Impact Assessment submitted Submitted 3 November, as a part of the PDO PDO expected to be sanctioned by the Norwegian Parliament in the 2015 spring session Between bn boe A real giant The most profitable industrial projects for the Norwegian society in decades The biggest NCS development ever in one phase? Approximately 51,000 FTEs employed in the development phase, approximately 3,400 in the operations phase First phase Capex estimated to between NOK billion Estimated production of boepd More than 70% of the total resources can be produced from the first phase facilities Future phases No concept or investment decision made with regards to future phases, and estimates for future phases are therefore largely uncertain Preliminary estimates indicate full-field capex in the range of NOK billion, with a plateau production of boepd

15 JOHAN SVERDRUP Project status Appraisal program completed 32 wells in total Phase 1 DG3/PDO work ongoing FEED to be completed by November Aker Solutions is the main FEED contractor Kvaerner set to deliver two of the steel jackets Riser platform 2017 Drilling platform 2018 Full Utsira High electrification within 2022 Phase 1 to supply Johan Sverdrup only Norwegian Parliament has decided that full Utsira High electrification shall be implemented by 2022 (~200 MW) Unitization negotiations ongoing in parallel High stakes The J ohan Sverdrup concept

16 JOHAN SVERDRUP First oil in 2019 Concept selection Impact Assesment Study PDO submittal and unitisation agreement PDO approval - Phase 1 Engineering, Fabrication & Construction Installation of templates Pre-drilling of wells Installation of jacket for riser platform Installation of jacket for drilling platform Installation of platform deck for riser platform Installation of platform deck for drilling platform Installation of jacket for process platform Installation of jacket for living quarter Install power cable from shore Install export pipelines Installation of platform deck for process platform The J ohan Sverdrup concept

17 Exploration

18 EXPLORATION 2015 Preliminary Drilling Activity 2015 Drilling strategy Prioritizing near field exploration (ILX) Mature existing discoveries Value creation from tie-back candidates Revisiting the exploration potential in the greater Alvheim area in light of the Marathon acquisition 5-7 exploration and appraisal wells 65 exploration licenses 26 operator 39 partner 2015 wells in the North Sea and the Barents

19 Outlook 19

20 OUTLOOK Summary and Outlook Business development Financial Secured the financing until first production from Johan Sverdrup field Field developments Maintain aggressive portfolio optimization through business development Finalize the Bøyla field development Ivar Aasen development progressing according to plan Johan Sverdrup unitization negotiations ongoing, PDO submittal in Q Revisit the Alvheim area to realize upsides Exploration 5 7 wells in 2015 Revisit greater Alvheim area exploration strategy 20

21 Always moving forward to create value on the Norwegian shelf Our way Our leadership principles Value driven & disciplined Drive performance Develop people and teams Focused around our core areas Always search for improvements Efficient in our operations Agile & flexible in the way we are organized Make decisions based on data and analysis 21 Reliable Committed Responsible Enquiring