Slide 1

Valhall development timeline Slide 2 Licence award Licence award: The Valhall block 2/8 was among the more attractive in the first offshore licensing round announced by Norway in 1965. The first well was spudded on the field in 1967. The license was awarded to Amoco as operator and partners British Gas Council, Amerada and Texas Eastern 19751982199019962002200320102015-20202020-20252025-20501965 Slide 3 Valhall Development Timeline 1982199019962002200320102015-20202020-20252025-205019651975 Discovery: The drilling rig Waage Drill discovered a thick oil zone with the eighth well, 2/8-6. Norways fourth oil field was a fact. The 2/8-7 and 2/8-8 wells drilled during 1976, led to the discovery being declared commercial the same year. Slide 4 Offshore platform installation started in 1979 with the installation of the Quarters Platform (QP), Drilling Platform (DP) and Process and Compression Platform (PCP). Production commenced on1st October 1982. At the opening of the field it was expected that Valhall would produce oil at least until 2000. 199019962002200320102015-20202020-20252025-2050196519751982 Production start Slide 5 The field was discovered in1974 and came on stream in 1990, in practise as Valhalls fourth platform. Hod was the first normally unmanned and remotely operated platform offshore Norway and produces via Valhall. 19962002200320102015-20202020-20252025-20501965197519821990 Hod 1 installed Slide 6 The topsides of the Wellhead Platform (WP) with bridge to PCP was installed in April 1996 and production started in June. This was the fastest development project in the Norwegian North Sea - less than a year from start of construction to first oil. The new platform increased recoverable reserves by close to 80 million barrels. 2002200320102015-20202020-20252025-205019651975198219901996 Wellhead Platform installed Slide 7 Valhall Flank South Platform (VFS) is a normally unmanned platform with 16 well slots that produces via Valhall. It is located 6 km from the field centre and commenced production in 2003. The VFS platform is important for production and to improve the field recovery factor through accessing reserves further away from the field center. 200320102015-20202020-20252025-2050196519751982199019962002 Valhall Flank South Platform installed Slide 8 The first water injection was in 2004 and the aim is to push more oil through the resevoir and to reduce the subsidence rate. The Injection Platform (IP) has 24 slots and an automatic platform-based drilling rig that can service both IP and the WP platforms. The Valhall Flank North Platform (VFN) came on stream in 2004 20102015-20202020-20252025-20501965197519821990199620022003 Valhall Injection and Flank North platform installed Slide 9 The Process and Hotel Platform (PH) has a design life of 40 years and is expected to start production during 2H 2012. It will replace the QP, DP and PCP-platforms and has capacity of 120mbop/d and 143mmscf/. 180 single bed cabins. It is powered from shore via a 294 km long DC cable from Lista making Valhall emission to air close to zero. 2015-20202020-20252025-205019651975198219901996200220032010 Process and Hotel Platform installed Slide 10 Construction and installation of two platforms (Hod2 and VFW) are part of Greater Valhall Appraisal Program and will represent an investment of NOK 25-30 billion including drilling of between 20 and 30 production and injection wells in phase one. The purpose is to significantly increase Hod recovery) rate and to enhance the development of the west flank of the Valhall field. 2020-20252025-2050196519751982199019962002200320102015-2020 Hod 2 and West flank installed Slide 11 Between 2015 and 2025 it is expected that the first generation and redundant platforms will be decommissioned and removed. The illustration shows which platforms we today foresee will produce until closure of the field, currently expected to be in 2050. 2025-2050196519751982199019962002200320102015-20202020-2025 PCP, DP, QP and Hod removal Slide 12 By 2050 we aim to have reached our vision of around 2 billion barrels of oil produced. On cease of production all wells will be plugged and abandoned. The decommissioning and removal of the installations and seabed equipment will follow. A great adventure and a prominent part of Norways oil history will eventually come to its end. 196519751982199019962002200320102015-20202020-20252025-2050 Flanks N+S+W, Hod 2, wellhead platform, injection platform, process and hotel platform