Aker Bp Asa · OSL:AKRBP

Aker Bp Asa — Det norske oljeselskap — Q1 2014 Earnings Presentation

29 slides from Aker Bp Asa's earnings presentation, Apr 30, 2014

  1. Slide 1: Q1 Presentation

    Q1 Presentation CEO Karl Johnny Hersvik CFO Alexander Krane Oslo, 30 April 2014

  2. Slide 2: A company set for further growth

    A company set for further growth

  3. Slide 3: Highlights since the fourth quarter

    Highlights since the fourth quarter  Johan Sverdrup  Concept selection announced  Estimated resources from 1.8-2.9 bn boe  Initial production of 315-380 kboepd  First phase investments of NOK 100-120bn  Geitungen appraisal completed  Ivar Aasen  Project on time and cost  Living quarters fab

  4. Slide 4: Production

    Production Q12014 2 Forste olje fra Jettefeltet MAI 2013 ra DETNORSKE

  5. Slide 5: Oil and gas production last 12 months

    Oil and gas production last 12 months • Average production in Q1 2014 of 2 895 boepd • Total production in Q1 2014 of 261 kboe

  6. Slide 6: Operational updates

    Operational updates  Jette  Net production of 1 458 boepd in Q1 2014  Production in the first quarter was affected as both wells were partially shut in during March for production flow testing  Varg  Gas export from commenced 6 February  The gas will be exported to the Armada platform and tran

  7. Slide 7: Ivar Aasen

    Ivar Aasen Q1 2014

  8. Slide 8: Construction ongoing

    Construction ongoing  Monday 31 March the fabrication start took place at Apply Leirvik’s yard at Stord  The living quarters will be built in three modules, and will be completed in 2015  This means that the fabrications work on all the major Ivar Aasen sub-projects (living quarters, topsides and

  9. Slide 9: Ivar Aasen project update

    Ivar Aasen project update  Ivar Aasen project status  Project is on schedule and on cost for first oil in 1H 2013 Approval of development the Q4 2016 Detailed design of jacket and topside  Fabrication start-ups  Construction of both jacket, topsides and living 2H 2013 Start-up of construction ja

  10. Slide 10: Johan Sverdrup

    Johan Sverdrup Q12014 “2 JOHAN SVERDRUP — feltet

  11. Slide 11: Key first phase data

    Key first phase data  Resources:  Between 1 800 and 2 900 mmboe  Ambition to increase the recovery rate from ~60% to ~70%  Capacity:  Production capacity in the first phase will be between 315 000 and 380 000 boepd  More than 70% of the total resources from the first phase facilities  Plateau

  12. Slide 12: Appraisal programme completed

    Appraisal programme completed  Geitungen appraisal  Located in PL 265, on the northern margin of the Johan Sverdrup field  16/2-19 The well encountered a gross oil column of 6 Geitungen appraisal metres in sandstones believed to represent the Statfjord formation  Sidetrack about 1 km to the sout

  13. Slide 13: Milestones

    Milestones FEED contract for phase 1 awarded to Aker Solutions Decision Gate 2 passed Phase 1 PDO submittal to the authorities and unitisation process finalised Phase 1 PDO approval Construction & Installation First oil production

  14. Slide 14: Financials

    Financials Q1 2014

  15. Slide 15: Key figures

    Key figures Production (boepd) net to Detnor Q1 2014 Q1 2013 Jette 1,458 0 Atla 750 1,253 Varg 500 425 Jotun Unit 188 209 Glitne 0 53 Total production per day 2,895 1,929 Total production in period (Kboe) 261 174 Cash flow from production Q1 2014 Q1 2013 Realised oil price (USD/bbl)) 107 112 Revenue

  16. Slide 16: Exploration expenses

    Exploration expenses 160 > 140 - 120 - 100 - 80 - MNOK 60 - 40 - Q1 exploration expenses DETNORSKE Net capitalised in Q1 Total exploration expenditures in Q1

  17. Slide 17: Statement of income

    Statement of income Income statement (NOK mill) Q1 2014 Q1 2013 Q4 2013 Revenues 158 80 254 Production costs 43 42 98 Payroll and payroll-related expenses 5 2 4 Other operating expenses 13 19 9 EBITDAX 98 18 144 Exploration expenses 110 234 544 EBITDA (12) (216) (400) Depreciation 89 35 124 Impairme

  18. Slide 18: Statement of financial position

    Statement of financial position Assets Equity and Liabilities (NOK mill) 31.03.14 31.03.13 31.12.13 (NOK mill) 31.03.14 31.13.13 31.12.13 Intangible assets 2 520 3 296 3 024 Equity 3 210 3 716 3 188 Property, plant and equipment 3 704 2 487 2 658 Other provisions for liabilities incl. 867 1 048 896

  19. Slide 19: Sources of funds

    Sources of funds Net debt as of 31.03.2014 (MNOK) Sources of funds as of 31.03.2014 (MNOK) LF) cash LI rcr Gl Bonds B Tax refund 2014 oOo EFF B Other working capital 12182 HB tax refund 2015 Sway 5 198 Net debt INOK 2 81 Cash and Debt and working Net debt Add back RCF Accordion Total tax refund capi

  20. Slide 20: Exploration

    Exploration Q1 2014

  21. Slide 21: Discoveries in the first quarter

    Discoveries in the first quarter  Discovery on Langlitinden  Discovery on Trell  Well 7222/11-2 encountered an oil-bearing  Well 25/5-9 encountered a gross oil column of channel sand of Triassic age 21 metres in the Heimdal formation, of which  Det norske is of the opinion that the well is non-

  22. Slide 22: 2014 drilling plan

    2014 drilling plan 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% 10-150 Tullow Oil Borgland Dolphin PL 558

  23. Slide 23: PL 550 Gotama

    PL 550 Gotama  License located north of Troll  Potential gross resources:  10-150 mmboe  Prospect information:  Main target: Intra Draupne sandstone also target in Fensfjord Fm. and Brent Gp.  Source: Upper Jurassic shales  Trap: Structural 4-way closure/ pinch out  Main risk is the geometry

  24. Slide 24: PL 558 Terne

    PL 558 Terne  License located east of Skarv north of Heidrun  Potential gross resources:  15-145 mmboe  Prospect information:  Main target: M-L Jurassic Fangst Gp  Source: U Jurassic shales  Trap: Truncated and fault bounded structural 3- way closure  Main risk is HC-charging of the trap  W

  25. Slide 25: PL 554 Garantiana 2

    PL 554 Garantiana 2  License located NE Visund Field  Prospect information:  Main target: Cook Fm and Statfjord Fm.  Source: Upper Jurassic shales  Trap: Structural 4-way closure  Main risk is the reservoir quality  Water depth  375 meters  Ownership  Total (o) 40%  Det norske 20%  Spike

  26. Slide 26: PL 492 Gohta 2

    PL 492 Gohta 2  License located north of Snøhvit  Prospect information:  Main target: Permian karstified carbonates  Source: Triassic and Paleozoic shales  Trap: Structural 4-way closure  Main risk is reservoir presence  Water depth  332 meters  Ownership  Det norske 40%  Lundin (o) 40% 

  27. Slide 27: Outlook

    Outlook Q1 2014

  28. Slide 28: Summary and outlook

    Summary and outlook  Field developments  Johan Sverdrup concept selected, unitisation negotiations have started  Ivar Aasen progressing according to plan  Exploration  Exciting prospects to be drilled for the remainder of the year  Company will participate in around 10 exploration wells in 201

  29. Slide 29: Det norske

    a DETNORSKE www.detnor.no

Det norske oljeselskap — Q1 2014 Earnings Presentation on 6ix