Maersk Oil Company Presentation

Introduction to Maersk Oil

Agenda

The A.P. Moller - Maersk Group

Maersk Oil operating activities

Maersk Oil overview

Maersk Oil exploration

The A.P. Moller – Maersk Group was established in 1904…

1928 1962 1964 1972 19721904

Maersk Drilling established

1984 20051975 1994 1998 1999 2011

First gas export in Denmark

First oil in Algeria

P&O Nedlloyd acquiredOil and gas interests acquired in the UK

Oil and gas interests acquired in the US Gulf of Mexico & Brazil

First containerised vessels

First oil in Qatar Safmarine and

Sea-Land acquired

First tanker vessel addedto the Maersk fleet

Dansk Supermarked

(retail business) establishedFirst oil in Denmark

First liner service between US and Asia

Maersk Oil established and Danish oil and gas activities initiated

Company established

2012

The A.P. Moller - Maersk Group is a worldwide conglomerate. We operate in some 130 countries and have a workforce of some 108,000 employees.

In addition to owning one of the world’s largest shipping companies, we’re involved in a wide range of activities in the energy, logistics, retail and manufacturing industries.

…and today

Annual Report 2011

Maersk Oil is a central part of the A.P. Moller – Maersk Group, and has a track record of turning challenging oil and gas fields into commercial successes.

Maersk Oil focuses on pioneering technologies to operate safely, creating value for partners and host governments.

12,616Maersk Oil

2010

60,230APMM

2011Revenue in USD million

2,061Maersk Oil

2010

3,377APMM

2011Net result in USD million

5,018

1,659

56,090

10,250

Agenda



Maersk Oil overview


Maersk Oil history

1962 Establishment of the Dansk UndergrundsConsortium (DUC) and awarded the concession for the Danish North Sea 1966 First discovery in the Danish North Sea at the Kraka field

1975 Maersk Oil became operator of the DUC Exploration and field development in Denmark continues

1984 First gas from exports from a Danish field, Tyra

1960s: 1970s: 1980s: 1990s: 2000s:

Maersk Oil increases oil production and expands geographically:2002 Kazakhstan2005 Angola, Norway and the UK2006 The U.S. Gulf of Mexico2007 Brazil2010 Greenland2011 Abu Dhabi

1990 Maersk Oil enters Algeria as non-operator1992 Maersk Oil signs EPSA agreement with Qatar 1994 First oil from Qatar’s giant Al Shaheen field1994 Maersk Oil breaks first of several horizontal well length records

1972 First oil production in the Danish North Sea, the Dan field

Company vision

Maersk Oil: The natural upstream oil and gas partner; navigating complexity, unlocking potential.

Maersk Oil: the natural upstream oil and gas partner

Exploration and appraisal Development Production Field Abandonment

Exploration & Lease acquisition

Economic evaluation

Developmentplanning

Drilling and completion

Production facilities

Upstream

Midstream

Downstream

1,000 bbls oil equivalent per day

Maersk Oil operates around 625,000 barrels of oil and gas equivalent per day

QatarKazakhstanUKDenmark

Navigating complexity, unlocking potential

Operated and Non-Operated ProductionExploration and development activities only

USA

Norway

United Kingdom DenmarkKazakhstan

Qatar Abu-Dhabi

Algeria

Angola

Brazil

Greenland

Iraq

0

100

200

300

400

500

600

700

800

900

20

01

20

03

20

05

20

07

20

09

20

11

Maersk Oil is among the top 30 independent oil and gas producing companies worldwide

National oil companies

Internationalindependents

Majors

Values

• Constant Care

Take care of today, actively prepare for tomorrow

• Humbleness

Listen, learn, share, give space to others

• Uprightness

Our word is our bond

• Our employees

The right environment for the right people

• Our name

The sum of our values, passionately striving higher

At the heart of Maersk Oil are the A.P. Moller – Maersk Group values

Our over 3,200 staff members benefit from:

• An innovative environment with in-depth technical expertise

• Room for individuality and diversity

• Early responsibility and empowerment

• Reward for high performance

• Worldwide career opportunities

• A graduate programme combining on the job training and business acumen

• Over 30 years of offshore operational expertise

• Over 15 years of international production operations

• More than 220 geoscientists and 600 engineers

Progressive technical ladders and career development plans support employee and company objectives

• Turning marginal and challenging fields into commercial successes

• Executing large and complex projects on time and budget

• Extending technical and operational performance through innovation

• Deployment of technology

• Quick and agile decision-making thanks to a lean organisation

• Financial power of a major, financial clout and global relations of a super major due to extensive Maersk Group leverage.

Maersk Oil is known for:

Core Competencies

Maersk Oil has used innovation to push its operational performance

• Horizontal well drilling technology – we are the true pioneers of this expertise

• Well completion and production technology has added a new dimension in cost effective reservoir management

• Maximum integration and flexibility between different field developments -key in Denmark and the UK

• Platform design e.g. Maersk Oil patented the unmanned Star platform reducing field development costs considerably.

Innovative solutions

Key elements in Maersk Oil’s HSE policy:

An incident-free operation

Safety prioritised over oil production or

economic efficiency

Safety training emphasised

Constant review of safety procedures

Promote an open culture where people feel

free to express themselves on HSE issues

Reward people for intervening when they

see a safety hazard.

Maersk Oil is committed to Incident Free operations. This commitment is underpinned by two initiatives:

• Leading Safety targets the human element in safety issues, looking at the culture and behaviour of the workforce and training people to be more safety aware.

• Process Safety targets the process element of operations and includes management of safety systems, design and engineering of facilities and equipment and hazard identification and assessment.

Safety is our number one priority

Incident-Free Maersk Oil

Environment

Responsible approach to the environment

•Member of World Bank's Gas Flaring Reduction Partnership since 2009.

•Significant cut in flaring in past years, being on target for 50% reduction by 2012 compared with 2007 levels.

•Between 2009 and 2010 CO2 emissions per unit of production went down by 20%.

•Maersk Oil is currently discussing with potential partners opportunities for storing CO2 emissions from power plants underground (CCS), both onshore and offshore.

CO2 emission reduction

Managing our impacts: Systems and Preparedness

Main operating units adhere to the international ISO 14001 standard for Environmental Management.

Oil Spill Preparedness: New enhanced risk assessments on all new wells, strengthening of critical standards for well barriers and specifications for well control equipment in response to the lessons learned with the GOM Macondo incident.

• Strong demand for oil and gas• Operational environment more

challenging• Increased drive for sound

environmental performance• Battle for talent

Our challenges

• Strategic partnerships with a clear value proposition

• Innovation

• Focus on running a safe and environmentally responsible operation

• Early responsibility in an agile organisation

Our solutions

We believe that we have a significant role to play in the future security of energy supply to the world

Agenda



Maersk Oil general overview


• Entered in 1962, first oil in 1972

• Partners: Shell and Chevron, Maersk Oil is the operator

• Production of approx. 200,000 barrels of oil/day and up to 700 million cubic feet export gas/day

• 15 fields and 50 platforms

• 2-3 drilling rigs in operation

• More than 1,000 people employed.

Denmark

• Entered in 1992, first oil in 1994

• Partner: Qatar Petroleum, 100% equity stake by Maersk Oil

• Production of 300,000 barrels of oil/day

• Some 30 platforms

• 2-4 drilling rigs in operation

• More than 600 peopleemployed.

Qatar

• Entered in 2005

• Multiple partnerships

• Production of some 40,000 barrels of oil/day

• 14 oil and gas fields in production

• Maersk Oil operator of 7 producing fields and involved in 50 exploration licences

• Several discoveries under evaluation including Golden Eagle, Culzean and Flyndre

• About 350 people employed.

United Kingdom

• Entered in 2000, production in 2002

• Partners: Arawak, Partexand Oman Oil

• Production of some 7,000 barrels of oil/day

• Embarking on Field Development Plan which will increase production to 30,000 boepd

• About 270 people employed.

Kazakhstan

• Entered in 1990

• Anadarko operator with Sonatrach, Eni and Maersk Oil as non-operating partners

• Maersk Oil has a production share of 23,000 barrels of oil per day

• 15 producing fields

• Maersk Oil has been involved in 33 exploration wells and 19 discoveries

• Development of the El Merk project is in progress with production planned to start in 2012 and an expected 11,000 boepd.

Algeria

Agenda



Maersk Oil general overview


Deepwater exploration activities in Angola

• Entered in 2005

• Partners: Sonangol, Devon, Odebrecht and Svenska

• Block 16: Field Development Plan being prepared for Chissonga

• Block 23: Azul 1 well makes discovery, analysis ongoing

• 3D seismic surveys in Blocks 8 and exploration drilling underway in Block 23

• Exploration and appraisal drilling planned for 2012-2013 on blocks 8, 16, 23.

Exploration activities in Brazil taking off

• Entered in 2001

• Partners: Petrobras, BP, OGX, Anadarko, Videocon and Bharat

• In 2010, bought Brazilian assets of SK Energy including 3 licences

• 2 operated and 6 non-operated licences

• 2 operated and up to 6 non-operated exploration wells to be drilled in 2011-2012

• Polvo production: non-operated with Maersk Oil’s entitlement at 8,000 boepd out of a total 20,000 boepd.

Greenland – harsh environment, big potential

• Entered in 2010

• Partner: Nunaoil with a 12.5% share

• Exploration activities in offshore block 9, Baffin Bay

• Ice studies and environmental assessments to be carried out including establishment of a shore-based environmental field laboratory

• Drilling activities expected to start in 3 years at the earliest

• Office in Nuuk.

Developing deepwatercapabilities in US GoM

• Entered in 2006

• Exploration agreement with 3 deepwater operators: Chevron, ExxonMobil and Hess

• Will participate in 10 exploration wells as non-operator in 2011

• Deepwater discovery (Buckskin) to be appraised

• Acquired 25% interest in the Jack development project in 2010 with production start in 2014; expected 9,000 boepd

• In 2010, Maersk Oil acquired 62 leases in the Central US GoM and participates in some 200 leases in the US Gulf in total.

Growth in Norway continues

• Established in 2003

• 19 licenses including 6 operated

• 3 discoveries to be developed:Flyndre, Avaldsnes and Zidane

• First operated well in 2012 (T-rex)

• Partners: Bridge, Dana, Edison,Faroe, Lundin, Noreco, Petoro, RWE,Statoil, VNG and Wintershall

• 6 wells planned for drilling in 2012including the second operated Albertwell.

Thank you

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Maersk Oil Company Presentation