Aker BP

Earnings Release • Jan 18, 2016

Capital Markets Day 2016

Capital Markets Day 2016

Det norske oljeselskap ASA increases reserves and maintains very good production

levels amid low oil prices and challenging macroeconomic conditions. The company

has initiated a comprehensive improvement program to increase its competitive

strength and is positioning itself for additional growth in the coming years.

«Det norske has reported strong growth over its ten years of existence. On the

average, we have increased reserves by as much as 50 million barrels of oil

every year since 2006. At year-end 2015, certified P50 reserves amounted to 498

million barrels of oil equivalent», says CEO Karl Johnny Hersvik.

The company has established robust financing and has currently undrawn credit of

USD 1.3 billion. In addition, the company has hedged parts of it's the oil

prices and exchange rate exposure.

To meet the challenges pertaining to lower oil prices, Det norske has initiated

an extensive improvement program. Its overarching goals are to establish long

-term competitive edge and enable sanctioning of stand-alone devlopments even

with oil prices falling below USD 40 per barrel.

«Det norske shall utilise its ability to challenge, think differently and adapt

to reduce exploration, development and operating costs to a minimum, including

reduced drilling costs. This is the competitive advantage we will use to

continue growing on the Norwegian shelf», says Hersvik.

Det norske plans to invest (CAPEX) between USD 925 and 975 million in 2016.

Exploration expenditures for 2016 is expected in the range of USD 160 to 170

million. Production costs in 2016 (including shipping & handling) is estimated

to USD 8 to 9 per barrel of oil equivalents. The previous production guidance of

55 to 60 thousand barrels of oil equivalents in 2016 is reiterated.

EXPLORATION

Det norske has an ambition to become a leading player within exploration on the

Norwegian shelf by 2020. This entails long-term reserve replacement and added

value for the company by discovering 150 million barrels of oil equivalent (Det

norske's share). The company will employ improved data coverage and technology

as a competitive edge in establishing new core areas and making additional

discoveries.

Through its exploration program for 2016, Det norske will work to further

clarify the resource potential in priority areas such as the Krafla/Askja area,

the Tampen area, and the Loppa High, as well as the area adjacent to the Ivar

Aasen field. Seven exploration wells have been planned for 2016, of which

Rovarkula in PL 626 is operated by Det norske. The exploration well Uptonia in

PL 554B&C is currently being drilled, operated by Total.

DEVELOPMENT

Ivar Aasen is the first major development project operated by Det norske, with

total development costs in the amount of NOK 27.4 billion. The platform's steel

jacket was delivered according to schedule and has been installed on the field.

The platform deck, under construction at SMOE' yard in Singapore, has reached

92.5 percent completion, and the project is on schedule for start-up of

production in the fourth quarter of 2016. The drilling campaign ongoing on the

Ivar Aasen field have been among the most efficient on the Norwegian shelf.

The company is partner in the largest industrial project in Norwegian history,

the Johan Sverdrup field (11.5733 per cent share). Det norske reports reserves

in the amount of 303 million barrels of oil equivalent following an independent

third-party evaluation and certification carried out by AGR. According to the

operator, the cost estimates for phase 1 are now being decreased to NOK 108.5

billion, whereas the anticipated costs for full-field development are reduced to

between NOK 160 billion - 190 billion. The development costs of the field are

expected to decrease further. "Debottlenecking" of the production facility for

phase 1 has also been decided, with the aim of increasing production capacity

beyond the upper end of the PDO estimate of 315,000 - 380,000 barrels of oil

equivalent per day. In 2016, Det norske will establish a new project execution

model that will contribute to reducing the number of engineering hours per tonne

produced platform by 50 per cent and the execution time by 25 per cent.

PRODUCTION

After the acquisition of Marathon Oil Norge AS in 2014, Det norske became a

fully-fledged exploration, development and operating company. Considerable

production capacity was added through the ownership of the production vessel

Alvheim FPSO, and in 2015, the company's average daily production amounted to

60,000 barrels of oil equivalent. A significant part of the upside potential

identified in the Alvheim area in connection with the acquisition is currently

being realised through e.g. continuous IOR work and further development of the

resource basis. The decrease in production from the Alvheim area has now

levelled off, and the company continues to regard the opportunities for further

development of the field as good.

Please find the capital markets day presentation attached. A live webcast can be

viewed at www.detnor.no from 09:00.

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.