The Next Phase of Deepwater Projects Tore Moe Energy Advisor, Australia • The recent LNG Boom –where did we end up …

• Where will the next offshore projects be …

Key Operators Offshore operators Capex & Opex spend 2018‐2021

CUBEAUTO(INTSOK Development) Chart S(Theme:INTSOK;LegendBackground:off;AxisXOrientation:Horizontal;ChartT ype:BarStacked Legend:Custom;GridLinesX:off;GridLinesY:off;LegendX:50;LegendY:50;Pale te:Default;PaletteText:off;AxisTitleX:USD million;MajorUnit:2000;MinorUnit:2000) F(INTSOK Geographical Market:Australia;On-Offshore:Offshore;Year:2018- 2021;!Operator Segment:Unspecific (Other/Open/Relinquished)) C(INTSOK Category:Reservoir and Seismic,EPC and Topside Equipment,Subsea,Well,Operations) R(Operator[Sorting:ValueD,0;ValueFilter:0,Top,5]) V(EP Expenditure:USD million)

> 70% of total offshore market

Source: Rystad Energy Australia’s LNG boom…

Darwin LNG Prelude Ichthys

Darwin Australia Pacific LNG

Gorgon Gladstone LNG Barrow Island Karratha Queensland Curtis LNG Wheatstone Onslow Gladstone

Pluto Operating North West Under construction Shelf Venture The LNG Market Outlook…

• Oversupply through mid next decade • >100 mtpa online from Australia and USA • Demand to exceed supply in 2023‐2024 Australian LNG not very cost competitive…

Darwin LNG

Ichthys

Darwin Prelude Australia Pacific LN G

Gorgon Gladstone LNG Barrow Karratha Queensland 30 The next projects …?? Island Cur s LNG Wheatstone Onslow Gladstone Future LNG plant spare capacity… 25 Pluto Pluto

North West Shelf Venture Prelude FLNG 20 North West Shelf Source: BREE (2014) DarwinDarwin Crux 15

spare capacity Barossa (2025) 10 spare capacity (2030) mmt pa Browse 5 North West Shelf North West Shelf 0

1 2 1 2 9 0 3 4 5 6 7 8 9 0 3 4 5 6 7 8 203 203 203 203 203 203 201 201 201 202 202 202 202 202 202 202 202 202 202 201

Source: WoodMackenzie Abadi

Sunrise SAVU SE A Troubadour Bonaparte (Timor Sea) & Browse BasinBarrosa Lynedoch Ponta Beaco 122°E 124°E 126°E 128°E Evans Shoal North 130°E Evans Shoal IA TIMOR-LESTE Ponta Metibot Caldita NES START UP DISCOVERY WATER Kelp Deep DO FACILITY OPERATOR FIELD Ponta Laletec Blackwood Evans Shoal South IN YEAR YEAR DEPTH (m) Cabo Suai LIA Northern Endeavour 1999 1994, 1995 Woodside Energy Laminaria, Corallina 358, 411 STRA Cabo Tafara TE AU Central Processing Platform 2003 1995 ConocoPhillips Bayu-Undan 80 ES Heron Blacktip 2009 2001 ENI Australia Blacktip 50 - L Heron South RKuda Tasi Chudditch Glas Dowr 2011 2008 ENI Kitan 344 Tandjung Wetoh Laminaria/Corallina IMOJahal Montara Venture 2013 1988 PTTEP Montara 80 BuffaloT Krill Pulau T 10°S 10°S Semuaeluk K TIMOR Kitan upa ng Tandjung Menu Tandjung Ela Bluff Elang-Kakatua KUPANG Buller HYDROCARBON DISCOVERIES Hingkip Cape Van Dieman S elat Oil Roti Bayu-Undan Pulau Usu Gas PULAU ROTI Tandjung Batuputih JOINT PETROLEUM Tandjung Smara Oil and Gas ROTI Tandjung Tarba DEVELOPMENT AREA Abandoned Field - Oil A D ESI u PRODUCTION FACILITIES ON n IND d Tandjung Mepe Point Fawcett a Floating Production Storage s Oliver IA Brenton Bay and Offloading Vessel - Oil Tandjung Rodi AL STR AU Audacious S Conventional Platform - Gas t Tandjung Pondalaun Katandra TIMOR SEA ra Proposed Development - Gas Tenacious MELVILLEMELVILLE ISLANDISLAND it Pulau Landu Brontosaurus Jabiru Gordon Bay Cash-Maple it Pipeline BATHURST ISLAND tra Challis-Cassini Ba S yu U ce nda Charles Pt en Swan n P lar ipel C Vesta ine Hibernia Reef TT ee 12°S 12°S Puffin INDIAN r rr BEAGLE Vernon Islands ii tt oo 3 rr ii a N l GULF Skua Ta lbot l Shoal Ashmore Reef m B aa L ss Bay Swift North i Swallow e m ll ii i nn DARWIN t ee Padthaway - A -- Montara FogM A M B W N BayI BB S Point Blaze II S Tahbilk 2 . 0 22 Prometheus/Rubicon . PetrelT 1 0 TERRITORY OF ASHMORE A 4 11 ) 44 win . BATCHELOR Cruxr . Da & CARTIER ISLANDS (N.T.) (to line Libra ipe rt P po Ex Peron Island North as Frigate Argus s G Tern thy Peron Island South Ich Cape Scott Anson Cape Londonderry Bay Cape Talbot JOSEPH BONAPARTE Seringapatam Reef West Holohula Reef East Holohula Reef O Cape Rulhieres G Troughton Passage Poseidon A Cape Bougainville Crown L O Cape Bernier Concerto E G DALY RIVER Boreas IP A Gibson Point Pharos H L Sir Graham North Reef Lassetter Mimia C E Cornea Long Reef Cape Dombey Kronos Proteus R IP Moore Islands NORTHERN A H Hyland C 4 Vansittart Napier Marina B Prelude R 014 llac Bay 14°S 14°S 20 Broome ktt A IS 1Cape4 Voltaire Bay iip P Scott BROWSE ISLAND Ichthys West BI 20 Admiralty Gulf Bay Piipp TERRITORY AM IS Truscott Base elliin Cape Hay it - MB Blacktip ne Reef North Scott Reef Ichthys imi A South Reef Li e - BARTON Nm elin 3 as KALUMBURU PLAINS l B GULF ria Montague OUTCAMP Scott Reef ito Walmesly ABORIGINAL CARSON RIVER Maret Islands err T Sound Bay COMMUNITY DARWIN Warrender

Burnside Pearce Point

E Ke T yli R ng A Cape Pond I 0 20406080100km P THEDA nlet A Brecknock N York NT O Turtle GCS GDA94 B SoundGwydion Barnett Cartography and data provided by the Petroleum Division, WA Department of Mines and Petroleum WA Brecknock South Cambridge Maritime boundary data is AMBIS 2014 and supplied by Geoscience Australia WESTERN Gulf OOMBULGURRI Turtle Point BrunswickCoronation Bay Islands PERTH This map was produced using information from various sources. The Department of Mines Cape Brewster NINGBING and Petroleum (DMP) and the State cannot guarantee the accuracy, currency or completeness MITCHELL RIVER AUSTRALIA of the information. DMP and the State accept no responsibility and disclaim all liability for any loss, damage or costs incurred as a result of any use of or reliance whether wholly or in part upon the information provided in this publication or incorporated into it by reference. WYNDHAM Heywood Islands DOONGAN Please Note: The Department of Mines and Petroleum ceased to be a Designated Authority 130°E under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 on 1 January 2012. Camden Sound For confirmation of Commonwealth Offshore area information (such as petroleum titles) CARLTON HILL SPIRIT HILL since 1 January 2012 please refer to www.nopta.gov.au Wilson Point Waggon Creek Weaber

OCEAN

122°E 124°E 126°E 128°E ConocoPhillips – Barossa Field

• Competitive FPSO FEED –EPCI – BWO, Modec, SBM etc – IntecSEA – PreFEED SS • Functional Spec only • FEED 2018 • FID Q2 2019 Shell –Crux field

• NNM deepwater jacket – EPCI – 160m water depth – 9‐14,000T topside – 500MMscfd production –5 wells – 160km tieback to Prelude • 2017 Concept Validation • 2018 BoD • 2019 FEED • Functional Spec only Mutineer Fletcher Exeter Finucane South Martell Carnarvon (& Exmouth)Larsen Basin Thebe 114°E Remy Martin 116°E 118 ° Eaglehawk Lambert/Hermes 18°30'S Alaric Persephone 20°0'S Egret Amulet Noblige Capella Angel Perseus/Athena Chandon North Rankin Phoenix South Kentish Knock Gaea Hurricane Echo/Yodel Legendre South Keast Tidepole Io Rankin Goodwyn Talisman 111°30'E Pyris Dockrell 118°30'E Brederode Urania Lady Nora Legendre INSET 1 YellowglenJansz Wheatstone INSET 2 Cossack Arnhem Scarborough Elfin Pemberton Vos Geryon Iago West Dixon Sage Wanaea Xena DARWIN INDIAN Wilcox Winchester Brulimar Pluto Withnell Dionysus Reindeer/Caribou Brunello Black Chook 2 Briseis Balnaves 1 Glencoe Maenad Orthrus Corvus JulimarNorth WestJulimar Is SE Dixon WA Nimblefoot Acme Cape Cossigny 20°S 20°S PERTH Achilles Chrysaor West Tryal Rocks Clio Hauy Is Delambre Is Malus Is Wandoo A Cape LambertWandoo B Pontus Ronsard Is Pinhoe Sable Is North Gorgon HYDROCARBON DISCOVERIES KARRATHA Stag MALLINA Satyr 3 WOODBROOK Rosella Eaglehawk Is Nm Limit Legendre Is O Oil Monte Bello - AMBIS 2 ELAG Monte Bello Trimouille Is 014 WARAMBIE ARCHIP Territorial IslandsIslands Endymion Baseline - Gas IsoscelesCentral Gorgon AMBIS 2014 Rosemary Is Cape Preston Hermite Is Oil and Gas CROYDONDolphin Is Gorgon Salsa John Brookes Campbell A Roly Rock PYRAMID Abandoned Field - Oil VARANUS IER OUTSTATION Spar Halyard Wonnich DAMP JamesMonet Point PRODUCTIONLinda POINT SAMSON Abandoned Field - Gas Varanus Is Enderby Is DAMPIER Dixon Is OCEAN Alkimos East Lewis Is DepuchWhim IsCree Potter Is AREA (V) WICKHAM Olympus Boodie Is Gibson/South Plato KARRATHALNG Processing Little Sandy/Pedirika S Victoria S.W Regnard Is West IntercourseWalcott Is Is t Bianchi a ROEBOURNE h Sappho Barrow Island Long Is Double Island Plantre e G N r Conventional Platform - Oil l k o o Wapet Camp M rt Zola c a he N.E Regnard Is Devil Creek it r k PRODUCTIONConventional FACILITIES Platform - Gas la n Fortescue Island n East Spar d Tallaganda Steamboat Is R R iv i Mini-Platform - Oil e v Round Is r e Mini-Platform - Gas Bunyip Stewart Is r ge g Pasco sa n Middle Is ass i Pa d Monopod - Oil Sholl Is r T - THEVENARD PRODUCTION AREA Angle Is a Subsea completion - Oil, well PRODUCTION FACILITIES H V - VARANUS PRODUCTION AREA Monopod - Gas ne An START UP DISCOVERY WATER Woollybutt FACILITY OPERATOR FIELD Middle Is Barrow Island Shoals BALMORAL YEAR YEAR DEPTH (m) Weld Is y ry Passage Is a Fortescue Okha 1995 1989, 1990 Woodside Wanaea, Cossack 80 Ma w Floating Production Storage Chinook-Scindian M h Subsea completion - Gas, well Airlie Island ig Roadhouse ge Okha 1997 1974 Woodside Lambert/Hermes 126 age H MARDIE KANJENJIE and Offloading Vessel - Oil Mangrove Is ss Griffin as Wandoo B 1997 1991 Vermillion Wandoo 54 P V Agincourt 8

Thevenard e South Pepper Agincourt 1997 1996 Quadrant Bessieres Is rov Stag 1998 1993 Quadrant Stag 49 LNG Carrier Island Nasutusngg Cowie Is COOLAWANYAH an Mary Anne Is Novara Rosily Is M North Herald Oil Carrier Ragnar Wonnich 1999 1995 QuadrantV WonnichSimpson 30 8 SerrurierNimrod Is (Ceased ProductionLarge in Is 2014) Simpson A, B 2001 2001 Quadrant V Victoria, Little Sandy, Pedirka 8 YARDIE Enfield Cadell Chervil rn Victoria 2002 2002 Quadrant Eskdale/Stybarrow North Muiron Is Coniston e Onshore Production Facility - Gas Australind False Is h EERALA CREEK rt Goodwyn A 2002 1988, 1990 Woodside Echo/Yodel 140 Toro o South Muiron Is Vincent/Van Gogh N V South Plato 8 Onshore Production Facility - Oil Gibson/South Plato 2002 2001 Quadrant V Double Island 8 Vlaming Head Pyrenees RED HILL Double Island 2003 2002 Quadrant LNG storage tanks OpelTubridgi Point OutrimMINDEROO Ashburton Is Four Vanguard 2003 1997 ENI Woollybutt 100 Laverda Skiddaw THEVENARD V Linda, Rose 31, 34 Oil storage tanks Fly Island Blencathra Linda 2004 1998, 2000 Quadrant 4 PRODUCTION Modec Venture II 2005 1997, 2002 Santos Mutineer, Exeter 168, 147 1 0 Macedon Proposed Development - Oil 2 4 CANE RIVER PANNAWONICA John Brookes 2005 1998 Quadrant John Brookes 71 1 Caretta AREA (T) t Low Point ONSLOW 0 a S Coaster Locker Is 2 e I r Proposed Development - Gas Nganhurra 2006 1999 WoodsideV EnfieldLee 544 32 B G 22°S 22°S M S I EXMOUTH V West Cycad 8 A Round Is LindaVictoria 2007 19992006 Quadrant B

Y Island Macedon Gas Plant (Proposed) M - Stybarrow Venture MV16 2007 2003 BHP Billiton Stybarrow, Eskdale 825 A Sunday Is

t e - THE RANGE i PRODUCTION FACILITIES North Rankin 2007 1996 Woodside Searipple 128 GULF n Observation Is VARANUS PRODUCTION AREA i KOORDARRIE m l Tubridgi V - i 0204060km le e Brown Is MOUNT i L s START UP DISCOVERY WATER Angel 2008 1971 Woodside Angel 80

Eva Island M a FACILITY OPERATOR FIELD

B Burnside Is Hope Point YEAR YEAR DEPTH (m) BROCKMAN

GCS GDA94 Maersk Ngujima-Yin 2008 1978 Woodside Vincent 350 l EXMOUTH GULF Simpson Is a l Barrow Island 1967 1964 Chevron Barrow Island N/A Pipeline c i ia Cartography and data provided by the Petroleum Division, t r Ningaloo Vision 2010 2003 Quadrant Van Gogh 380 u o a it North Rankin AEXMOUTH 1984 1971 WoodsideTubridgi Gas Plant North Rankin 125 Department of Mines and Petroleum WA r N r V Bambra 24 Pyrenees Venture 2010 2003 BHP Billiton Pyrenees 210 Maritime boundary data is AMBIS 2014 and supplied by Geoscience Australia e

T Rivoli Harriet 1987 1983 Quadrant MOUNT e e North Rankin A 1991 1972 Woodside Perseus 125 Reindeer 2011 1997 Quadrant Reindeer 62 This map was produced using information from various sources. The Department of Mines r Somerville Is STUART h and Petroleum (DMP) and the State cannot guarantee the accuracy, currency or completeness T Wandoo ATent Is 1993 1991 Vermillion Wandoo 56 Spar, Halyard 2011 1976, 2008 Quadrant Spar, Halyard 62 of the information. DMP and the State accept no responsibility and disclaim all liability for any loss, damage or costs incurred as a result of any use of or reliance whether wholly or in part Goodwyn A 1995BOOLALOO 1971 Woodside Goodwyn 131 Pluto 2012 2005 Woodside Pluto 112 upon the information provided in this publication or incorporated into it by reference. Okha 1995 1989, 1990 Woodside Wanaea, Cossack 80 Modec Venture II 2013 2007, 2011 Santos Fletcher, Finucane South 160 Please Note: The Department of Mines and Petroleum ceased to be a Designated Authority 114°E Roberts Is 116°E 118 ° BULLARA R A LI A Goodwyn A 1995 1971 Woodside Goodwyn 131 Pyrenees 2014 2013 BHP Billiton Tanglehead, Wildbull 195, 212 under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 on 1 January 2012. Doole Is For confirmation of Commonwealth Offshore area information (such as petroleum titles) Learmonth Pyrenees 2014 2013 BHP Billiton Moondyne 191 since 1 January 2012 please refer to www.nopta.gov.au Whalebone Is Ningaloo Vision 2015 2000 Inpex Coniston 380

Point Cloates Rough Range Whitmore Is

YANREY

Frazer Island GI Woodside –NWSV Life Extension

BROWSE Production Potential Gas Source(s) • ‘Concept Narrowing’ • 2 Gas FPSO – pipeline to NWSV • FEED 2018 • FID 2019/20

2015 2020 2025 2030

Currently producing fields Sanctioned projects

Undeveloped resources Near‐field yet to find potential Chevron – Jantsz compression

• Concept Select • FEED 2018 • FID 2019 • Compression 2024/25 THANK YOU