Q4 COO yvind Bratsberg CFO Alexander Krane Oslo, 19 February 2014
Highlights since the third quarter Johan Sverdrup concept decided First phase production capacity between 315,000 and 380,000 boepd First phase CAPEX of between NOK 100 and 120 billion Ivar Aasen Project on schedule…
Q4 OPERATIONS AND PROJECTS 3
Oil and gas production last 12 months 12 000 Jette Varg Glitne Jotun Atla 10 000 Average production in Q4 2013 of 4,328 boepd Total production in Q4 8 000 2013 of 398,000 boe 6 000 4 000 2 000 0 jan. 13 feb. 13…
Jette production Production Net production of approx. 2,700 boepd in Q4 Impairment Remaining reserves of 3.24 mmboe (gross) Impairment charge of NOK 349 million Daily production from start-up to end of Q4 (gross) 18000 16000 14000…
Reserves and resources Reserves Contingent resources in planning phase (ex. J. Sverdrup) 100 66 54 Reserves (P50) Contingent resources (P90) Contingent resources (P10) 6
Det norskes position on the Utsira High Johan Sverdrup PL 265: Det norske 20% Statoil (Op) 40% Petoro 30% Lundin 10% Johan Sverdrup Ivar Aasen PL 501: PL 001B/028B/242 Lundin (Op) 40% Det norske (Op) 35% Statoil 40%…
Q4 IVAR AASEN
Construction has commenced Saipem, Sardinia SMOE, Singapore 9
Ivar Aasen on schedule The Ivar Aasen project When What 1H 2013 Approval of development Project is on schedule and on cost first oil Q4 2016 Detailed design of jacket and topside First steel cut for both topsides and the 2H 2013…
Q4 JOHAN SVERDRUP
Another giant on the NCS Share of total NCS production Ekofisk Statfjord Johan Sverdrup on Oseberg Troll plateau Remaining production on the NCS when JS on plateau Johan Sverdrup Pictures: NPD, Statoil/Det norske…
The development concept is decided Resources: Field centre location Between 1,800 and 2,900 mmboe Ambition to increase the recovery rate from 60% to to 70% Capacity: Production capacity in the first phase will be between 315,000…
First phase field centre Riser platform: Drilling platform: Process platform: Living quarter: Centre for export and 48 slots, well intervention 315k-380k boepd 450 cabins, control room, incoming volumes from future deck and manifolds…
Infrastructure Transport to shore through Export pipelines from Johan Sverdrup dedicated pipelines The oil will be transported to the Mongstad terminal in Hordaland county The gas will be transported via Statpipe to Krst in…
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…
Geitungen appraisal well planned Geitungen appraisal Geitungen appraisal well in PL 265 planned for Q1 2014 Geitungen appraisal Objective: Oil water contact and down flank properties Concludes the appraisal programme in PL 265…
Q4 FINANCIALS
Key financials Production (boepd) net to Det norske Q4 2013 Q4 2012 Production (boepd) Jette 2 710 - Atla 1 031 2 070 Jotun Varg 3% Varg 412 395 9% Jotun Unit 175 231 Atla Glitne - 75 24 % Total production per day 4 328 2 771 Total…
Exploration expenses 600 500 400 321 MNOK 176 300 544 200 399 100 0 Q4 exploration expenses Expenses from previous Net capitalised in Q4 Total exploration periods expenditures in Q4 20
Statement of income Income statement (NOK mill) Q4 2013 Q4 2012 Q3 2013 Revenues 254 117 324 Production costs 98 74 53 EBITDAX 156 43 271 Exploration expenses 544 195 588 Payroll and payroll-related expenses 4 - 4 Other operating…
Strong liquidity position going forward Net debt Liquidity position Cash RCF Bonds 12 245 Tax refund 2014 EFF Working Capital 5 349 360 Net debt 6 000 MNOK 2 229 2 474 3 120 3 963 1 411 478 4 511 2 037 1 709 2…
Q4 EXPLORATION
Discovery in the North Sea Oil and gas discovery in PL 272/ Askja North Sea PL 035, both in the Askja West and Askja East prospects Operators preliminary volume estimates between 19 and 44 million boe Located adjacent to Krafla,…
PL 659 Langlitinden Located northeast of Snhvit Langlitinden Barents Sea Potential gross resources: 154-374 mmboe (gas) Prospect information: Triassic Kobbe sandstone 4-way closure Main risk: reservoir quality Water depth 350…
PL 102F Trell Located west of Heimdal Trell North Sea Potential gross resources: 15-121 mmboe Prospect information: Paleocene Heimdal sandstone Source: Upper Jurassic shales Trap: Structural 4-way closure Main risk is the geometry…
PL 550 Gotama License located north of Troll Gotama North Sea Potential gross resources: 10-75 mmboe Prospect information: Main target: Intra Draupne sandstone also target in Fensfjord Fm. and Brent Gp. Source: Upper Jurassic…
Q4 OUTLOOK
Outlook Field developments Aker Solutions has been awarded the FEED contract for phase 1, and the studies have commenced Ivar Aasen progressing according to plan Exploration Exploration activity with 8-10 wells annually…
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