Gunn Vik, Regional Director NORWEP November 2018

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1 Gunn Vik, Regional Director NORWEP November 2018

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4 Energy demand increase yearly until ca 2035 To meet demand Need all form of Energy Investments dropped 40% Cost level lowest in many years - break-even price reduced up by 50% on some projects License to operate CCS Norway has the solution Digitalization Electrification Oil and gas companies investments capability is at top year level Where are the possibilities? Who can help?

5 Regional deep-dive: All NORWEP markets with 5 12 % annual growth towards 2022 NORWEP markets - Offshore upstream expenditure : Global offshore upstream expenditure estimated to US$ 780 billion Brazil, US GoM and UK combined account for 40% Brazil largest with estimated expenditure of US$ 111 billion

6 Petrobras largest oil company Equinor largest IOC Shell, Total, Chevron, ExxonMobil

7 Petrobras largest oil company Invest $ 60,3 bill % investments in pre-salt 137 installations in operation 19 new FPSOs New procurement law

8 NORWEP can provide detailed information on 7 projects in Brazil: Operators Development phase, Field solution, Field information, Potential tenderers, FEED/main contractor awards, FEED contractor key personnel, Contractor key personnel contact info, Operator s key contact personnel, CAPEX estimates, Break-even price, Project scope, Local content requirements and other information about the different project/offshore field Subsea investments will increase with $5 bill Campos basin: Marlim Revitalization 80% subsea spending within brownfield Santos basin: Atlanta full field development Mero Pilot, 2, 3 & 4 Itapu Carcara 60% subsea spending within greenfield

9 Corruption - Lawsuits - Optimism Business friendly industry More international oil companies Lower local content regulations Several giant ultra-deep water oil projects Government: new license rounds Jair Bolsonaro

10 Nr 93 on Transparency International list World bank ranking 109 Equinor present + new local content regulations > still challenging market for business Political and economic risks Bribery and corruption Taxation is also very complex and must be followed very close Public processes to get established are complex Local labor law is complex and legal framework changes Security and crime issue

11 Middle-men or agents - NO shortcuts Need good entry strategy, months critical Mix expats and locals, local key positions over time E&P companies prefer working directly with suppliers Suppliers need local after-sales support Manage cultural issues and speaking the language Complex administrative/regulatory framework More than 60 NORWEP partners i Brazil, 180 Norwegian companies possible!

12 Norwegian Energy Partners is an independent non-profit foundation established to strengthen the long-term basis for value creation and employment in the Norwegian energy industry through expanding the industry s international business activities. Norwegian Energy Partners has 280 independent operating companies as partners as of December Founders: Norwegian Government Ministry of Petroleum and Energy Ministry of Trade and Industry Ministry of Foreign Affairs Professional Organisations Energy Norway Federation of Norwegian Industry Norwegian Oil and Gas Association Norwegian Ship owners' Association The Norwegian Confederation of Trade Unions Industry Equinor Statkraft

13 Mapping the competence, technology and comparative advantages of Norwegian companies - matching it with customer demands internationally Improving competitiveness and reducing risks related to international activities A network organization bringing customer and suppliers together Market intelligence Norwegian Energy Clusters Network meetings Customer meetings Advisory services Anti-corruption/Compliance support

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17 Still focus on oil and gas going forward! YOU are important! 50/50 foscil and renewable energy in 2050 Brazil largest offshore and subsea market optimism is back Possibilities: Challenges high investments $60,3 bill Petrobras, Equinor + 4 IOCs 7 Priority projects in Brazil Transparency Int World Bank ranking 109 Political, complex admin/regulatory, economic risks Plan carefully - good entry strategy months Still challenges after contract is signed NORWEP are established to help YOU!

18 PROMOTING NORWEGIAN ENERGY CAPABILITIES IN INTERNATIONAL MARKETS

INTERNATIONAL MARKETS Present by NORWEP

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