GE OIL & GAS ANNUAL MEETING 2016 Florence, Italy, 1-2 February
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1 Staying focused in a complex world Jakob Thomasen CEO Maersk Oil GE OIL & GAS ANNUAL MEETING 2016 Florence, Italy, 1-2 February 2016 General Electric Company - All rights reserved
2 page 3 Agenda 1. A complex world 2. Maersk Oil against the trend 3. Navigating complexity Cost transformation Operations Excellence Project delivery Long-term growth The Lokichar field, Kenya Technology and innovation
3 page 4
4 About the Maersk Group Founded in 1904 Worldwide conglomerate with 89,000 employees and activities in more than 130 countries 5 core businesses: Maersk Line, APM Terminals, Maersk Oil, Maersk Drilling and APM Shipping Services Strong ties between Maersk and GE page 5 We connect countries, markets, businesses and people 3 joint initiatives: Diesel Engine CBM Predictive Analytics Optimise Asset Maintenance
5 Maersk Oil A global E&P operator page 6 Active in 13 countries Exploration in 9 Development projects in 9 Operated production in 4 Non-operated in 4 Greenland United Kingdom Norway Denmark Kazakhstan Operated production ~550,000 boepd Entitlement ~300,000 boepd USA Algeria Kurdistan Region of Iraq Qatar Ethiopia Kenya 260 Licences, incl. 140 Operated Brazil Angola ~4,000 employees
6 page 7 Maersk Oil going against the trend in E&P Sustaining financial performance in a challenging market Robust portfolio dominated by relatively cost advantaged barrels Continued capital investments through the cycle Offshore workers, Danish North Sea Maersk Oil is well-positioned for countercyclical inorganic growth
7 Navigating complexity and setting strategic direction page 8 1 COST TRANSFORMATION OUR RIGHT TO GROW SHORT-TERM DELIVERY MEDIUM-TERM GROWTH LONG-TERM GROWTH Operational Efficiency Project Delivery Exploration / M&A 5 T E C H N O L O G Y a n d C A P A B I L I T Y S T A F F, S T A K E H O L D E R S and L E A D E R S H I P S U S T A I N A B I L I T Y a n d S A F E T Y I N C I D E N T F R E E
8 1 Our Right to Grow Cost discipline to stay competitive and profitable page 9 WHAT HAS BEEN DONE 10% Opex reduction end of 2015 with a goal of 20% by end of 2016 Headcount reductions: 1,250 positions in 2015 WHAT IS IN PROGRESS AMBITION: COMPLEXITY REDUCTION Right sizing the organisation Standardisation & Simplification Focused reduction of G&A costs Leveraging a deflating market Global supply chain Cost conscious mindset
9 2 Short Term Delivery More barrels for lower costs page 10 The Global Producer 3 FPSO The GP3 FPSO produces from mature fields in UK Central North Sea Operations Excellence has led to Significant production increase Significant reduction of unit costs 11,100 bpd 34 $/bbl Operations Excellence New well Unlocking existing well potential 25,600 bpd 13 $/bbl 130% production increase
10 3 Medium-term Growth Sanctioning mega projects against the trend page 11 Golden Eagle, United Kingdom Tyra Southeast, Denmark Johan Sverdrup, Norway Culzean, United Kingdom Delivered project from discovery to material production Delivered mature field development opportunities Sanctioned the biggest planned project in the North Sea over the coming decade Sanctioned mega gas project and biggest discovery in the UK sector in ten years
11 video page 12
12 4 Long-term Growth Creating an optimal portfolio page 13 WHERE DO WE WANT TO PLAY? HOW DO WE MAINTAIN A BALANCED BREAKEVEN PRICE? HOW DO WE GET THE TIMING RIGHT? HOW DO WE LEVERAGE OUR CORE CAPABILITIES?
13 5 Technology Four key drivers for Maersk Oil s innovation Aerial drones Example: Aerial drone utilisation page 14 Step up productivity to reduce unit costs Increase offshore safety through de-manning Improve Hydrocarbon Recovery Smarter problem solving Use of drones an integral part of the inspection programme in the North Sea Compliment and even replace some types of elevated inspections Allows us to carry out hazardous tasks without putting people at risk Can increase efficiency and reduce costs
14 5 Technology Four key drivers for Maersk Oil s innovation Step up productivity to reduce unit costs Increase offshore safety through de-manning Communication between offshore and onshore Example: IOCE HUB - Maersk Oil Qatar page 15 Improve Hydrocarbon Recovery Smarter problem solving Integrated operations collaborative environment (IOCE) Information exchange to generate business wide awareness across field operations Support safe and efficient operations of all facilities Take decisions based on facts with the right people at the right place
15 page 16
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