Statoil host presentation2017 IOGP Geomatics Industry Day

Jan Helgesen, VP Geophysical OperationsIllustration: Johan Sverdrup

Reinforcing safety measures

2.12.2

1.9

1.4

1.11

0.8

0.6 0.6

0.8

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Serious incident frequencySerious incidents per million work-hours

2

Opportunities in the energy transition

3

Source: Platts

Markets remain cyclicalBrent

(USD/barrel)

0

20

40

60

80

100

120

140

160

200

6

200

9

201

2

201

5

20

20

20

30

75 80

Planning

assumptions1

1 Long-term economic planning assumptions. 2016 USD, real prices.

2 Scale calibrated for million b/d equivalent.

Source: Statoil’s Energy PerspectivesSource: Statoil’s Energy Perspectives

Incremental global production

2015 vs. 2040 (thousand TWh)2

Growth in new renewablesGlobal oil production

2015 vs. 2040 (million b/d)

Major investments required

0

20

40

60

80

100

120

140

2015 2040

0

10

20

30

40

2015 2040

New production neededNew production needed

0

20

40

60

80

100

120

2013 Pre 2016 Drilling Subsea Floater Market Currentforecast

Improvements break-even price

Johan Castberg – continuously optimising concept

100

Phase 2

45

> 50%

Improvements 2016 2013 above

80USD/bbl

Current below

35USD/bbl

CMU 2016 below

45USD/bbl

45-50

NO

K b

illio

n

1 Numbers in NOK billion 100% real term 2016.

Field resources

450-650 mn boe

Capex improvements1

5

Strong drilling efficiency improvements

69% 42% 35%

Cost per well1Days per wellMetres per day

2015: 117 wells delivered | USD 3.5 bn

2016: 119 wells delivered | USD 2.6 bn

Delivering more wells and reducing cost

Driving efficiency cultureEfficient production wells at lower cost

1 Adjusted for currency effects.

2 IHS Rushmore. www.RushmoreReviews.com. (All rights reserved, 13.01.2017). Global well delivery benchmarking data. Offshore development wells, dry hole well cost per meter drilled.

3 All wells in following areas: Brazil, Canada, Denmark, Netherlands, Norway, UK and US GoM Deep water.

06 08 2016

15

10

14

5

0

04022000 1210

Industry3 Statoil

Cost per metre2

kUSD

7

• Safety first

• Simplification &

standardisation

• The “perfect well”

approach

2017 Drilling programme

Capturing value from cyclicality

Portfolio high grading

Seizing exploration opportunities

2012-2014:

Divestments²

USD 13 bn

2015-2016:

Key acquisitions

~30 wells | USD 1.5 bn

2017 activity level

Awarding contracts in low-price environment

USD 30 bn

awarded 2015-2016¹

1 Based on expected spend (100%) over contract lifetime for both new and renegotiated contracts.

2 Gross divestments.

6

25,000 km²

acreage added in 2016

• Pão, Carcará (Brazil)

• Eagle Ford (US)

• Wisting, Lundin stake (NCS)

• Utgard (UK)

Developing a distinct and competitive portfolio

Norwegian

continental shelf

Build on unique position

• Highly cost competitive

• Attractive project pipeline

• Exploration potential

International

oil & gas

Deepen core areas

Midstream

and marketing

Access premium markets

• Flow assurance

• Asset backed trading

• Capital light

• Enhance Brazil portfolio

• Flexible US position

• New growth options

New energy

solutions

Industrial approach

• Offshore wind focus

• Low-carbon solutions

• Ventures, R&D

US onshore

Kårstø Offshore wind

High value,

low carbon

Johan Sverdrup

7