Aker Bp Asa · OSL:AKRBP

Aker Bp Asa — Det norske oljeselskap — Q1 2010 Earnings Presentation

25 slides from Aker Bp Asa's earnings presentation, 2010

  1. Slide 1: First quarter 2010 presentation

    First quarter 2010 presentation TICKER – - DETNOR - CEO Erik Haugane - SVP Odd Ragnar Heum - VP Knut Evensen 1

  2. Slide 2: Disclaimer

    Disclaimer All presentations and their appendices (hereinafter referred to as “Investor Presentations”) published on www.detnor.no have been prepared by Det norske oljeselskap ASA (“Det norske oljeselskap ” or the “Company”) exclusively for information purposes. The presentations have not been revie

  3. Slide 3: Highlights

    Highlights g g „ Draupne – largest proven NCS discovery since 2007 „ Oil discovery on Storklakken y Balder Trias, Frusalen, Optimus and Storkollen dry „ Frøy bidding process ongoing „ Record high production of 2.424 bpd „ 40 000 boepd is within reach by 2015 3

  4. Slide 4: Production

    Production Record high g pproduction in Q1 Boepd USD/bbl 2500 100 2000 80 1500 60 1000 40 500 20 0 0 Q2 09 Q3 09 Q4 09 Q1 10 Varg Glitne Enoch Jotun Realised oil price 4

  5. Slide 5: Agenda

    Agenda „ Operations „ Financials „ Development projects „ Exploration „ Outlook & Summary „ Appendix 5

  6. Slide 6: Financial position as of first quarter

    Financial position as of first quarter ”net cash” position as of Q1 Elements ƒ Total cash and tax receivables for refund in 2010/11: 3 567 MNOK 619 1 340 ƒ Interest bearing debt: Short term debt and convertible bond expiring in December 2011: 1 738 MNOK 2 054 398 1 829 ƒ ”Net ”N t cash” h” position:

  7. Slide 7: Profit & Loss Q1 2010

    Profit & Loss Q1 2010 MNOK Q1 2010 Q1 2009 Comment Operating revenues 97.2 57.1 Higher oil price/volumes – weaker dollar E l ti expenses Exploration 544 2 544.2 59 5 59.5 S nextt slide See lid Change in inventories -0.9 4.0 Production cost 41.3 35.6 Increased production on Varg Payroll expenses 1.1

  8. Slide 8: Exploration Expenses Q1 2010

    Exploration Expenses Q1 2010 MNOK Q1 2010 Q1 2009 Comment Seismic, well data, field studies, etc. 102,1 12,7 Purchase of seismic data Exploration expenses from license 53,7 30,5 G&G studies in partner licenses participation ti i ti Expensed capitalized exploration wells 0 0 previous years Expensed d

  9. Slide 9: Balance Sheet 31.03.2010

    Balance Sheet 31.03.2010 Assets (MNOK) *Q1 2010 31.12.09 Q1 2009 Comment Goodwill 694.4 697.9 864.3 C it li d exploration Capitalized l ti exp. 1 143 143.2 2 893 5 893.5 464 0 464.0 St kl kk and Storklakken d Draupne D Other intangible assets 1 276.7 1 320.5 1 264.1 Property, plant and equipment 433

  10. Slide 10: Balance Sheet 31.12.2009 (cont.)

    Balance Sheet 31.12.2009 (cont.) Equity and Liabilities (MNOK) Q1 2010 31.12.09 Q1 2009 Comment Equity 3 676.2 3 850.5 3 698.5 Pension obligations 14.5 19.9 12.8 Deferred taxes 1 306.1 1 173.5 1 070.6 Abandonment provision 227.5 224.5 137.2 Increase on Glitne Deferred revenues 56 5.6 56 5.6 48 5 48.

  11. Slide 11: Agenda

    Agenda „ Operations „ Financials „ Development projects „ Exploration „ Outlook & Summary „ Appendix 11

  12. Slide 12: Draupne – Largest proven NCS discovery in two years

    Draupne – Largest proven NCS discovery in two years „ Betweeen 110 million and 150 million boe total Recoverable resources (mill boe) recoverable Low/High range • About 95 percent inside Det norske operated Draupne 86 – 114 licenses Hanz 13 – 21 West Cable 11 – 15 „ Production P d ti ttest: t y Good

  13. Slide 13: Draupne/Hanz/West Cable

    Draupne/Hanz/West Cable Cross section from West Cable to Draupne to Hanz Strong partnership alligned interests: Det norske (Op) 35% Statoil 50% Bayerngas 15% PL028B PL001B PL242 13

  14. Slide 14: Hanz – 30 000 bpd

    Hanz – 30 000 bpd 25/10-8 „ About 17 MBOE recoverable volumes „ Potential plateau production y About 30 000 bopd from one well y Supported by one water injector „ Small investment y Subsea tie back to Draupne, 14 km „ Favourable incremental economics 14

  15. Slide 15: West Cable – low capex add-on

    West Cable – low capex add-on 16/1-7 „ About 13 MBOE recoverable volumes „ Potential plateau production y About 10 000 bopd from one well 0 1 2 3 4 5 km Hanz „ Small investment y Well drilled from Draupne, 5km „ Favourable incremental economics West Cable North West Cable OP Draupne West Cable South

  16. Slide 16: Storklakken discovery

    Storklakken discovery y 25/1-11 5/ 25/1-11 A  About 10 million boe recoverable light oil in excellent reservoirs License ownership (PL 460)  Several tie-back candidates Det norske 100 %  Could add ~15% to Frøy volumes  G d performance Good f by b Aker Ak Barents B t 16

  17. Slide 17: Frøy - bids received

    Frøy y - bids received Key building blocks: „ Jack-Up Drilling & Production Unit „ Gas export pipeline „ No pre-drilling of production wells Key building blocks: „ FPSO „ Wellhead platform „ Drilling jack-up „ Gas export pipeline „ Pre-drilling of production wells Frøy licensees (PL 364) Det norske

  18. Slide 18: Draupne and Frøy vs. recent PDO's

    Draupne and Frøy y vs. recent PDO’s Mill boe 0 20 40 60 80 100 120 140 160 180 200 Goliat Gudrun/Sigrun Draupne area Troll Morvind Marulk Frøy Yme Oselvar Alve Trym Yttergr ta Yttergryta 18

  19. Slide 19: Targeting 40 000 boepd in 2015

    Targeting g g 40 000 boepd in 2015 Boepd 60 000 50 000 40 000 30 000 20 000 10 000 - 2011 2012 2013 2014 2015 2016 2017 2018 Existing fields Frøy Draupne & Hanz NN1 *) NN2 *) P j t Project Mill b boe (Gross) (G ) BOPD to t Fi t First Det norske Oil/Gas Frøy 60 15,000 2013 Draupne/Hanz 110-150 25,000

  20. Slide 20: Agenda

    Agenda „ Operations „ Financials „ Development projects „ Exploration „ Outlook & Summary „ Appendix 20

  21. Slide 21: PL 408 Storkinn

    PL 408 Storkinn „ Located 11 km south of Sleipner p E. „ Recoverable gas/condensate in PL408: 22 MBOE „ Main risk y Reservoir quality y Stratigraphic seal „ Water depth 80 meters Licensees (PL 408) Det norske (O) 100 percent „ Spud May 2010, Bredford Dolphin 21

  22. Slide 22: PL 341 Stirby

    PL 341 Stirbyy „ Large HTHP prospect • East Brae, Miller, Gudrun analogue g „ Recoverable gas/condensate y Stirby Upper 150 MBOE y High case Upper 800 MBOE Stirby y Stirby Deep 190 MBOE East Brae „ Main risk y Reservoir quality y Stratigraphic seal Licensees (PL 341) „ Water depth 120 meters Det nor

  23. Slide 23: Agenda

    Agenda „ Operations „ Financials „ Development projects „ Exploration „ Outlook O tl k & Summary S „ Appendix 23

  24. Slide 24: Outlook & Summary

    Outlook & Summary „ Exploration and Appraisals have brought another 20 MBO to Det norske „ Field developments in progress y Frøy followed by Draupne/Hanz y These two developments will bring Det norske’s production up to 40 000 BOPD „ Exploration wells to come in Q2 2010 y Storkinn is the final well

  25. Slide 25: Slide 25

Det norske oljeselskap — Q1 2010 Earnings Presentation on 6ix