Aker BP

Earnings Release • Nov 3, 2014

Johan Sverdrup on track

Johan Sverdrup on track

The environmental impact assessment for the gigantic Johan Sverdrup

project shows that the project is proceeding as planned. Generating

revenues amounting to NOK 1 350 billion over a lifetime of 50 years,

this will be one of the most profitable projects on the Norwegian shelf.

The environmental impact assessment is an integrated part of the plan

for development and operation (PDO) that is expected to be approved by

the Parliament (Stortinget) by the spring of 2015. The report shows that

the planned start-up of the project is in 2019, and that the project

thus proceeds as scheduled.

«Johan Sverdrup is decidedly our largest asset. Consequently, we are

very pleased to ascertain that this gigantic project is making good

progress" says the CEO of Det norske oljeselskap, Karl Johnny Hersvik.

Production revenues from Johan Sverdrup are estimated at NOK 1 350

billion. Of this, corporation tax paid to the Norwegian state amounts to

as much as NOK 670 billion. On the basis of these estimates, Johan

Sverdrup is the most profitable investment project for Norwegian society

in many decades.

In addition, the project will secure many Norwegian jobs. Preliminary

estimates in the environmental impact assessment indicate that the

project will generate around 51,000 man-years in the 2014 - 2024

development phase alone. The project is estimated to create about 3,400

man-years at peak field development.

«We are proud to be a heavy contributor to a project of such importance

to Norwegian society. The considerable employment and tax revenues

testify to Johan Sverdrup's significance as an industrial project", says

Hersvik.

Over its lifetime of 50 years, the Johan Sverdrup field is estimated to

produce between 1.8 and 2.9 billion barrels of oil equivalents;

approximately 95 per cent oil and 5 per cent rich gas.

Estimated investment costs for the first development phase are

maintained at NOK 100 - 120 billion, and production is estimated to be

in the region of 315 000 - 380 000 barrels per day. There are major

uncertainties related to full field development as no investment

decision or concept selection as of yet has been made for future phases.

However, a preliminary estimate indicates that investment costs for a

full field development are in the region of NOK 170 - 220 billion with

daily production at between 550,000 and 650,000 barrels.

The environmental impact assessment may be downloaded in its entirety

here (Norwegian only):

http://www.statoil.com/no/environmentsociety/environment/impactassessment

s/jsutredninger/Pages/default.aspx.

Contacts:

Rolf Jarle Brøske, SVP Communication, tlf.: +47 911 12 475

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

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.