Aker BP

Capital/Financing Update • Aug 29, 2016

Increasing the value of Johan Sverdrup

Increasing the value of Johan Sverdrup

Det norske oljeselskap ASA ("Det norske"), along with the partners in the Johan

Sverdrup development, is pleased to provide an update on the project.

Since the plan for development and operation (PDO) of the Johan Sverdrup field

was approved by Norwegian authorities, there has been a positive development of

investment costs.

The first phase is currently estimated at NOK 99 billion (Capex numbers in

nominal terms based on project currency), a reduction of NOK 24 billion since

the PDO was submitted. The present break-even is reduced to below USD 25 per

barrel for phase 1.

The estimate for the full-field investment has been improved from a range of NOK

170 - 220 billion in 2015 to a current estimate of NOK 140 - 170 billion (2016

value).

The improvements made for the Johan Sverdrup full-field development are mainly a

result of optimisation and simplification of the development concept for future

phases, in close cooperation with the supplier industry.

Phase 1 production capacity is currently estimated at 440,000 barrels of oil per

day. The PDO originally estimated the phase 1 production capacity to be between

315,000 - 380,000 barrels of oil per day. Full production capacity on full field

is expected to be 660.000 barrels of oil per day. The PDO estimated full

production from Johan Sverdrup to be 550,000 - 650,000 barrels of oil per day.

Since the PDO for the first phase was submitted, the range of the Operator's

full-field resource estimate has improved from 1.7-3.0 to 1.9-3.0 billion

barrels of oil equivalents. This update does not result in a revision of Det

norske's reserves in Johan Sverdrup, estimated to be 303 million barrels of oil

equivalents (P50) in 2015. The company's reserves will be reassessed at year-end

in connection with the annual reserve certification process.

The capacity increase, together with improved reserve estimate and investment

costs, has helped reduce the break-even for the full-field development of Johan

Sverdrup to below USD 30 per barrel.

The PDO for phase 1 of Johan Sverdrup originally called for project pre-sanction

(DG2) of future phases in 2016 and investment decision at the end of 2017.

According to an updated plan the project pre-sanction will be made in the first

half of 2017, and a final investment decision will be reached and PDO will be

submitted in the second half of 2018. Full-field production start will be 2022,

as originally planned.

Partners in Johan Sverdrup:

Statoil 40,0267% (operator)

Lundin Norway 22,6%

Petoro 17,36%

Det norske oljeselskap 11,5733%

Maersk Oil 8,44%

Contacts:

Investor contact: Jonas Gamre, VP Investor Relations, tel.: +47 971 18 292

Media contact: Rolf Jarle Brøske, SVP Communications, tel.: +47 911 12 475

About Det norske:

Det norske is a fully-fledged E&P company with exploration, development and

production activities on the Norwegian Continental Shelf (NCS). We are building

one of Europe's largest independent E&P companies.

Det norske is the operator of the producing Alvheim field and for the Ivar Aasen

field development. In addition, the company is partner in the Johan Sverdrup

field. Det norske has an active exploration programme on the Norwegian shelf and

an ambitious strategy for growth.

Det norske's headquarters are located in Trondheim, with branch offices in

Stavanger, Oslo and Harstad. Det norske is listed on Oslo Børs with ticker

'DETNOR'. More about Det norske at www.detnor.no/en/.

This information is subject to disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act.