Monitoring of the Ekofisk field with 4D seismic data from a permanently installed seafloor system. Per Gunnar Folstad, ConocoPhillips

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1 Monitoring of the Ekofisk field with 4D seismic data from a permanently installed seafloor system Per Gunnar Folstad, ConocoPhillips april 28, 2016

2 Cau$onary Statement The following presentabon includes forward- looking statements. These statements relate to future events, such as anbcipated revenues, earnings, business strategies, compebbve posibon or other aspects of our operabons or operabng results. Actual outcomes and results may differ materially from what is expressed or forecast in such forward- looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainbes and assumpbons that are difficult to predict such as oil and gas prices; refining and markebng margins; operabonal hazards and drilling risks; potenbal failure to achieve, and potenbal delays in achieving expected reserves or producbon levels from exisbng and future oil and gas development projects; unsuccessful exploratory acbvibes; unexpected cost increases or technical difficulbes in construcbng, maintaining or modifying company facilibes; internabonal monetary condibons and exchange controls; potenbal liability for remedial acbons under exisbng or future environmental regulabons or from pending or future libgabon; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domesbc or internabonal financial markets; general domesbc and internabonal economic and polibcal condibons, as well as changes in tax, environmental and other laws applicable to ConocoPhillips business and other economic, business, compebbve and/or regulatory factors affecbng ConocoPhillips business generally as set forth in ConocoPhillips filings with the SecuriBes and Exchange Commission (SEC). Use of non- GAAP financial informabon - This presentabon includes non- GAAP financial measures, which are included to help facilitate comparison of company operabng performance across periods and with peer companies. A reconciliabon of these non- GAAP measures to the nearest corresponding GAAP measure is included in the appendix. CauBonary Note to U.S. Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the term "resource" in this presentabon that the SEC s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10- K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.

3 Ekofisk Field InstallaBons Overview ~5 km ~11 km ~70m ~3000m ~300m reservoir thickness 3 Injector wells + Producer wells > 340

4 Ekofisk Life of Field Seismic (LoFS) Layout OpBcal system installed in km seismic array cables C receiver locabons 300 meter cable separabon 50 meter sensor interval Seismic cables ConnecBon cables AcBve pipelines Abandoned pipelines 1 km 4

5 Seismic OperaBons Data Flow Ekofisk M Instrumenta$on Source vessel Seabed seismic cables 5 ~ 300 km ConocoPhillips Processing and QC Real- $me data transmission

6 OperaBon StaBsBcs winter autumn winter spring autumn 6

7 Ekofisk Reservoir Porosity Ekofisk Formation m 2/3 of OOIP EA Ekofisk EM Tor Formation m 1/3 of OOIP Fractured Chalk, Ekofisk and Tor FormaBons Pay Thickness: 300 m Depth: m Porosity: 25-45% Matrix Permeability: md EffecBve Permeability: Up to 200 md Tight zone Tor EL TA TB 7

8 Ekofisk Reservoir CompacBon and 4D Seismic CompacBng Reservoir 4D Seismic Time Shijs Top Ekofisk Timeshij Seafloor subsidence Overburden expansion, velocity decrease - 2ms 2ms Reservoir compac$on: velocity increase 18ms 8

9 Using of 4D Seismic in Sweep OpBmizaBon Example 1: Water InjecBon Decision Example 2: Reservoir Pressure Monitoring Example 3: Water Breakthrough in ProducBon Well Example 4: InjecBon Monitoring of old Water Injectors Example 5: Monitoring Performance of new Water Injectors 9

10 Example 1: Water Injector Decision based on LoFS ObservaBons Water injecbon (bbls/day) LoFS3- LoFS4 Top Ekofisk Timeshij I- 3 I I- 4 P- 2 I- 3 Oil producbon (bbls/day) 3000 P- 2 P P- 1 10

11 Example 2: Reservoir Pressure Monitoring Injector I1 Downhole Tubing Pressure Open Ekofisk Fm Jul 12 Apr 13 Ekofisk Fm Apr 13 Oct 13 P1 P1 I1 250m 11 Ekofisk Fm Oct 13 May 14 P1 I1 I1 250m 250m Pressure (psi) Shut in

12 Example 3: Water Breakthrough in ProducBon Well AI Difference EL Fm L04- L03 Time shi` at Top Reservoir L07- L02 I2 I2 Water influx P2 P2 Water influx AI Difference L04- L03 EA EM EL P2 Produc$on Profiles Water P2 Oil 12

13 Example 4: Water InjecBon Monitoring: LoFS1- LoFS2 (Dec 2010 May 2011) Ekofisk Fm ΔVp<0 => ΔT> Tor Fm I Water InjecBon Rates (bbls) I- 2 Cumula$ve Δt in Eko Fm. (μs) Cold colors! (speed up - hardening) Compac$on Pressure deple$on Water subs$tu$on Gas reduc$on Warm colors è (slow down so`ening) Gas exsolu$on Re- pressurisa$on 13

14 Example 4: Water InjecBon Monitoring: LoFS2- LoFS3 (May 2011 Oct 2011) Ekofisk Fm ΔVp=0 => ΔT= Tor Fm I Water InjecBon Rates (bbls) I- 2 Cumula$ve Δt in Eko Fm. (μs) Cold colors! (speed up - hardening) Compac$on Pressure deple$on Water subs$tu$on Gas reduc$on Warm colors è (slow down so`ening) Gas exsolu$on Re- pressurisa$on 14

15 Example 4: Water InjecBon Monitoring: LoFS2- LoFS4 (May 2011 Jul 2012) Ekofisk Fm ΔVp>0, ΔZ<0 => ΔT< Tor Fm I Water InjecBon Rates (bbls) I- 2 Cumula$ve Δt in Eko Fm. (μs) Cold colors! (speed up - hardening) Compac$on Pressure deple$on Water subs$tu$on Gas reduc$on Warm colors è (slow down so`ening) Gas exsolu$on Re- pressurisa$on 15

16 Example 4: Water InjecBon Monitoring: LoFS2- LoFS5 (May 2011 Apr 2013) Ekofisk Fm ΔVp>0, ΔZ<0 => ΔT< Tor Fm I Water InjecBon Rates (bbls) I- 2 Cumula$ve Δt in Eko Fm. (μs) Cold colors! (speed up - hardening) Compac$on Pressure deple$on Water subs$tu$on Gas reduc$on Warm colors è (slow down so`ening) Gas exsolu$on Re- pressurisa$on 16

17 Example 4: Water InjecBon Monitoring: LoFS2- LoFS6 (May 2011 Nov 2013) Ekofisk Fm ΔVp>0, ΔZ<0 => ΔT< Tor Fm I Water InjecBon Rates (bbls) I- 2 Cumula$ve Δt in Eko Fm. (μs) Cold colors! (speed up - hardening) Compac$on Pressure deple$on Water subs$tu$on Gas reduc$on Warm colors è (slow down so`ening) Gas exsolu$on Re- pressurisa$on 17

18 Example 4: Water InjecBon Monitoring: LoFS2- LoFS7 (May 2011 Apr 2014) Ekofisk Fm ΔVp>0, ΔZ<0 => ΔT< Tor Fm I Water InjecBon Rates (bbls) I- 2 Cumula$ve Δt in Eko Fm. (μs) Cold colors! (speed up - hardening) Compac$on Pressure deple$on Water subs$tu$on Gas reduc$on Warm colors è (slow down so`ening) Gas exsolu$on Re- pressurisa$on 18

19 Example 5: Monitoring Performance of New Water Injectors Predicted Ekofisk Timeshij (LoFS8- LoFS7) EL- I1 EL- I6 EL I5 EA I1 EL I4 EA I2 EL - I2 EA I1 EL I3 19

20 Example 5: Monitoring Performance of New Water Injectors Measured Ekofisk Timeshij (LoFS8- LoFS7) EL I1 EL I6 EL I5 EA I1 EA I2 EL - I2 EL I4 EA I1 EL I3 20

21 Example 5: Monitoring Performance of New Water Injectors EL- I1 Time Strain (LoFS8- LoFS7) EL- I1 AI Change (LoFS8- LoFS7) EL I1 EA EM EL I1 EA EM EL EL EL- I3 Time Strain (LoFS8- LoFS7) EL- I3 AI Change (LoFS8- LoFS7) EL I3 EA EM EL EL I3 EA EM EL 21

22 Example 5: Monitoring Performance of New Water Injectors EA AI Change (LoFS8- LoFS7) EL I1 EL AI Change (LoFS8- LoFS7) EL I5 EL I1 EL - I2 EL I4 EL I6 EL I5 EL I6 EL I3 EA I1 EA I1 EA I2 EL I4 EL - I2 EL I3 22

23 Example 5: Monitoring Performance of New Water Injectors EA AI Change (LoFS8- LoFS7) EL AI Change (LoFS8- LoFS7) EL I1 EL I5 EL I1 EL - I2 EL I4 EL I6 EL I3 EL I6 EL I5 EA I1 EA I1 EA I2 EL - I2 EL I4 EL I3 23

24 Summary 99.6% of Ekofisk LoFS System Sensors alive ajer 4 years 9 Surveys acquired and processed to date AcquisiBon/processing turnaround ~60-70 days Five applicabons of 4D seismic presented: Water InjecBon Decision Reservoir Pressure Monitoring Water Breakthrough in ProducBon Well Two Water InjecBon Monitoring Examples 24

25 Acknowledgements PL018 Partnership ConocoPhillips Skandinavia AS Total E&P Norge AS ENI Norge AS Statoil Petroleum AS Petoro AS 25

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