Aker BP — AGM Information 2014

Apr 7, 2014

Trondheim 7.april 2014

Annual General Meeting 2014

Trondheim, 7 April 2014

Jette production

Production

Net production of approx. 2,700 boepd in Q4

Impairment

Remaining reserves of 3.24 mmboe (gross)

Daily production from start-up to end of Q4 (gross)

Det norske's position on the Utsira High

IVAR AASEN – PDO approved by the Storting in May 2013

Development concept

Ivar Aasen – Capex, Opex and Production

A Norwegian project – global production

Aasen on schedule

Ivar Aasen – great dimensions!

JOHAN SVERDRUP

Sverdrup – the giant

This is the Johan Sverdrup field

• Among the largest fields discovered on the Norwegian Continental Shelf
• Production start in Q4 2019 lifetime of 50 years
• Holds between 1.8 and 2.9 billion barrels of oil equivalents
• Production capacity of 315 til 380,000 boe per day in phase 1
• Plateau production capacity of 550 til 650,000 boe per day
• To account for about a quarter of Norwegian oil production at plateau
• Ambition to increase recovery factor to 70 percent
• First phase investments estimated to be between NOK 100 and 120 billion

Johan Sverdrup – the field centre

Power from shore to Johan Sverdrup

• Phase 1 will be powered from shore
• Will decrease the total CO2 emissions from the Utsira High with 60-70 percent
• Sverdrup represents 80 percent of the emissions
• Considering several options for future solutions regarding power supply – a decision will be made in connection with a phase 2 decision (in 3-4 years)

Teknisk Ukeblad						Annonsere Kontakt os
TU-nettverket:	TU	T 2	TUTV	Våre Veger	Automatisering	TUJobb	TUEv
$-1$				$1.71$ 18 $8.8$

Milestones

December 2013

FEED contract for phase 1 awarded to Aker Solutions

February 2014

Decision Gate 2 passed

Q1 2015

Phase 1 PDO submittal to the authorities and unitisation process finalised

Q2 2015

Phase 1 PDO approval

2015-2019

Construction & Installation

Q4 2019

First oil production

EXPLORATION

Discovery in the North Sea

• Oil and gas discovery in PL 272/ PL 035, both in the Askja West and Askja East prospects
• Operator's preliminary volume estimates between 19 and 44 million boe
• Located adjacent to Krafla, joint development may provide between 69 and 124 million boe
• Det norske holds 25%
• Statoil 50%
• Svenska Petroleum 25%

Exciting discovery in the Barents Sea

Gohta (PL 492) discovery

• Preliminary estimate 113-239 mmboe
• Permian carbonate reservoirs: 25 metre gas cap over a 75 metre oil column
• Successful production test showed a stable production rate of ~ 4,300 boepd
• 35km northwest of the Snøhvit field
• Det norske 40%, Lundin 40% (o), Noreco 20%

A new play in the Barents Sea

• First successful test in Permian carbonates performed in the Barents Sea
• Det norske has several prospects and leads with similar plays in its portfolio

Gohta – Barents Sea

12 month drilling plan*

s ell w m Fir	Prospect	Share	mmboe	Operator	Rig	Q1 2014	Q2 2014	Q3 2014	Q4 2014
	PL 102F Trell	10%	15-121	Total	Leiv Eriksson
	PL 659 Langlitinden	20%**	154-374	Det norske	Trans. Barents
	PL 265 JS Geitungen	20%	Appr.	Statoil	Ocean Vanguard
	PL 550 Gotama	10%	10-75	Tullow Oil	Borgland Dolphin
	PL 558 Terne	20%	15-145	E.ON	Borgland Dolphin
	PL 494 Heimdalshøe	30%	30-230	Det norske	Maersk Giant
	PL 554 Garantiana 2	20%	Appr.	Total	Leiv Eriksson
	PL 492 Gohta 2	40%	Appr.	Lundin	Island Innovator
	PL 553 Kvitvola	40%	13-115	Det norske	Borgland Dolphin

*Please note that the drilling plan is often subject to changes due to rig planning etc. ** Subject to Government approval

Always moving forward to create value on the NCS

Debt funding

Committed and uncommitted debt financing end of period (excluding the exploration facility) - MNOK

Solid ownership

	Antall aksjer	Andel
Aker Capital AS	70 339 610	49,99%
Folketrygdfondet	8 339 094	5.93%
Odin Norge	2645420	1,88%
Verdipapirfondet DNB Norge Selekti	2 279 125	1,62%
Odin Norden	1933769	1,37%
Clearstream Banking S.A.	1 555 695	1,11%
Varma Mutual Pension Insurance	1445000	1,03%
KLP Aksje Norge VPF	1 325 144	0,94%
JP Morgan Chase Bank, NA	1 166 346	0,83%
Danske Invest Norske Instit, LI.	1 156 849	0,82%
Tvenge	1 100 000	0,78%
Verdipapirfondet DNB Norge (IV)	1081909	0,77%
VPF Nordea Kapital	1 080 784	0,77%
Fondsfinans Spar	1075000	0,76%
VPF Nordea Norge Verdi	1025804	0,73%
JP Morgan Clearing Corp.	910 648	0,65%
Kommunal Landspensjonskasse	880000	0,63%
Skandinaviska Enskilda Banken AB	800 916	0,57%
Statoil Pensjon	800 647	0,57%
Danske Bank	765 230	0,54%

Always moving forward to create values on the NCS

Enquiring Reliable Responsible Commited

Karl Johnny Hersvik has started