Brage Case Study. Planning for the Future Alv Bjørn Solheim Technical Director and Deputy Managing Director

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1 Brage Case Study Planning for the Future Alv Bjørn Solheim Technical Director and Deputy Managing Director

2 Wintershall Holding Milestones 1894 Wintershall founded (potash and rock salt mining) 1930 Entry into oil production 1950 First steps towards production of natural gas % subsidiary of BASF 1990 Co-operation with Gazprom 1993 WINGAS founded 1999 Divestment of refinery activities 2002 Acquisition of Clyde Netherlands B.V First production well of the E&P joint venture Achimgaz in conjunction with Gazprom 2006 Foundation of Wintershall Norge ASA 2007 Production start of natural gas field Yuzhno Russkoje 2008 Acquisition of Revus Energy ASA 2009 Wintershall Norge ASA new main offices in Stavanger 2012 Asset swaps with Gazprom & Statoil 2013 Taking over operatorship of Brage 1 October Asset purchase from Statoil and deal to take over operatorship of Vega 2

3 Wintershall Holding Regional Portfolio Germany Norway Russia Russia Netherlands / Southern North Sea Caspian Sea Region Middle East Libya Core region Development region OPCO Production and/ or Exploration Argentina 3

4 Overview Continuous production growth MMBOE * ** * ** * Oil production in Libya suspended from February to October 2011 and since End of July 2013 ** Restated, figures for 2012 adjusted to changes in IFRS. From 2013 new conversion factor for natural gas of 5.6 BSCF per MMBOE; previously 6.

5 Exploration & Production Production from solid projects pipeline Achimgaz (FFD) Achimov Blocks IV / V* Norway Knarr Edvard Grieg Aasta Hansteen Maria Skarfjell Wingate F 17 Area Ravn Hibonite Vega Pleyade CMA1 extension Unconventionals Fenix Skarfjell Fenix Qatar: Block 4N Abu Dhabi: Shuwaihat Development phase

6 Brage Takeover of a mature field 6

7 Completion Wintershall Operator Data rooms Operatorship discussions Pegasus initiated April 2012 Bid, Agree scope Project kick off, Moby Dick initiated May 2011 Execute SPA s Asset reports Operatorship requirements Classification: Internal

8 Asset Swap with Statoil Moving to the next level Wintershall takes over operatorship of Brage field, its first own-operated producing field in Norway. Vega Wintershall enters into a cooperation with the leading Norwegian oil and gas major Statoil and substantially expands production and reserves in the North Sea. Accelerated near-term oil production of Wintershall Norge from currently around 3,000 boe/day to almost 40,000 boe/d. Brage Skarfjell Goja Wintershall has acquired equity in three producing fields: Brage (32.7%), Gjøa (15%) and Vega (30%) from Statoil, containing 2P reserves of ~100 million boe. Joint research into innovative techniques for enhanced oil recovery (EOR) and possible application of Schizophyllan. Production Exploration Operator Development Appraisal Oilfield

9 Statoil and Wintershall Transaction with Statoil closed Production increase boepd by Operatorship Brage platform * Agreed upon compensation payment of $1.35 billion reduced to around $800 million by earnings of the three fields (Vega, Gjøa and Brage) generated in the first seven months of In addition, Wintershall assumes a tax liability in 2014 of around $300 million related to these profits. Compensation payment $800 million* 9

10 Statoil & Wintershall Our strategic partnership continues Intensify strong partnership in key regions in Norway for future growth 10 year agreement on purchase of Norwegian gas Together expand technological expertise and develop fields in the North Sea Joint research into innovative techniques & unconventional hydrocarbon resources Dr Rainer Seele, Wintershall Chairman of the Board of Executive Directors shakes hands with Helge Lund, President and CEO of Statoil ASA 10

11 Enhanced Oil Recovery Schizophyllan technology Production well Polymer injector Natural wonder from the forest to proprietory biopolymer The fungus helps in crude oil production Eco-friendly technology Will significantly improve crude oil production First field trial worldwide in a mature oil field, onshore Germany in Bockstedt

12 Brage The License Blocks 30/6 31/4 31/7 Operator Core Energy Faroe Petroleum Norge 14.3 % 12.2% VNG Norge 4.4% Wintershall Brage OIL + GAS 35.2 % Statoil from Wintershall Licence extended to 2030 Platform lifetime extended to % Talisman Energy Norge

13 Life of Brage 125 km west of Bergen, 2022 Water depth: 137m 2019 Brage North, 3 Prod.capasity oil: bbl/d rd Party Prod.capasity gas: 2,5MSm 3 /d 2014 Remaining reservers 4,58 Mscm Prod.water treatment capasity: m 3 /d* 2013 Well slots: 40 Statoil -> WINO /Life Extension to 2030 (oilproducers & water-/ gas injectors) Water Injection (water from Utsira + prod water) 2011 CUI Gas Lift, and Gas injection 2007 Tonnage topside: 19000t Hydro -> Statoil POB NCS Lead on IO Discovery First oil 2003 Sognefjord Severe cost cutting Oil export > OTS > Sture ~11000 bbl/d Gas export -> Statpipe Rich Gas -> Kårstø~ 0.9 Sm 3 /d *design capacity Actual m 3 /d 13

14 Brage opportunities Infill Drilling Targets - Strategy Focus on areas closer to the rig Reduce technical risk More wells delivered each year Drill pilot wells to reveal targets Save distant targets for a possible template Aquire data to improve quality Broadband survey for

15 Brage opportunities Subsea template Brage North 15

16 Brage opportunities Subsea template Brage North Seismic 2014 Begin execution phase well template Marine Installation start 2018 Possible first oil late

17 The future Brage Modifications Lifetime Extension until 2030 Maintenance Replace the process control system Lifeboat Study with Statoil G Forces Slam Tests Collaboration Visualisation room Production technology room Technology High end workstations New proprietory app 17

18 Second deal with Statoil Signed 12 September 2014 Asset WINO current share Equity traded Expected Production mboe/d Status Aasta Hansteen % 2017 Under Development Polarled % 2016 Asterix % 2023 Plan for installation and operation approved Statoil operated gas discovery 80km west of Aasta Hansteen; to be connected via subsea tie-back Gjøa 15% 5% 5.4 On Stream Vega* 30% 24.5% 18.3 On Stream Exploration % n/a PL602, PL603, PL528, PL528B * Transfer of operatorship 18

19 Wintershall Norway New production and investment forecast 19

20 Brage modifications Work with us We want Companies who bring us value Plan and develop with us Partnership We don t want Companies who just want to punch in the man-hours 20

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