TOTAL E&P NORGE AS ANNUAL REPORT 20 16 CONTENTS
04 KEY FIGURES 05 BOARD OF DIRECTORS’ REPORT 12 INCOME STATEMENT 13 CASH FLOW STATEMENT 14 BALANCE SHEET 16 ACCOUNTING POLICIES 17 NOTES 27 AUDITORS' REPORT 29 OUR INTERESTS ON THE NCS 30 MANAGEMENT STRUCTURE
2 2016
TOTAL REVENUES MILLION NOK 24 762
OPERATING PROFIT MILLION NOK 4 164
PRODUCTION (NET AVERAGE DAILY PRODUCTION) THOUSAND BOE 235
RESERVES OF OIL AND GAS (PROVED DEVELOPED AND UNDEVELOPED RESERVES AT 31.12) MILLION BOE 816
EMPLOYEES (AVERAGE NUMBER) 438
3 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | KEY FIGURES
KEY FIGURES
MILLION NOK 2016 2015 2014
INCOME STATEMENT Total revenues 24 762 30 423 42 624 Operating profit 4 164 10 864 22 323 Financial income / (expenses) - net (204) (1 020) (364) Net income before taxes 3 960 9 844 21 959 Taxes on income 1 663 6 014 14 529 Net income 2 297 3 830 7 431 Cash flow from operations 13 351 15 644 17 038
BALANCE SHEET Intangible assets 1 763 2 090 2 326 Investments, property, plant and equipment 85 103 84 056 76 002 Current assets 9 385 7 106 7 814 Total equity 17 154 18 880 15 032 Long-term provisions 37 922 36 139 31 884 Long-term liabilities 32 856 33 504 26 774 Current liabilities 8 319 4 730 12 452
OTHER KEY FIGURES Acquisition of property, plant and equipment IN (MNOK) 13 583 15 476 16 902
Exploration activity, costs and investments IN (MNOK) 1 512 1 270 1 237 Rate of return on capital employed *) 4,8 % 8,8 % 20,1 %
Production cost USD/BBL 5,5 6,9 9,2
Transport cost USD/BBL 3,6 3,6 5,3
PRODUCTION IN THOUSAND BOE Net average daily production 235 239 242
RESERVES OF OIL AND GAS IN MILLION BOE Proved developed and undeveloped reserves at 31.12 816 869 958
EMPLOYEES Average number of employees 438 447 424
*) Net income plus financial expense after tax as a percentage of capital employed at 1 January. Capital employed consists of ‘total equity and liabilities less non-interest carrying debt.
4 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | REPORT
BOARD OF DIRECTORS’ REPORT
-- Submitted applications in the Awards in There were two Lost Time Injuries (LTI) 1 Predefined Areas 2016, which resulted in and three Medical Treatment Cases record- the award of one new operated licence ed in 2016. Several measures were initiated INTRODUCTION and one as partner in March 2017. The and this work yielded positive development licences are located in the Norwegian Sea throughout the year. and the North Sea. In 2016, the Total Recordable Injury Rate TOTAL E&P NORGE AS (Total E&P Norge), a (TRIR) for 2016 was 2.05, higher than the tar- As a partner, the main events included: wholly-owned subsidiary of the France-based get of 1.72, and the Lost Time Injury Frequen- -- Offshore topside installation and hook-up TOTAL Group, is engaged in exploration cy (LTIF) was 0.82, below the target of 0.86. started as planned on Gina Krog in August. for and production of hydrocarbons on the It should be noted that 2016 was a year with -- Completion of the Ekofisk Capacity up- Norwegian Continental Shelf. The Board of substantial drilling activity on Martin Linge, as grade project in September. Directors’ report and the accounts have been well as activities in connection with the new -- Start-up of the second train on the Åsgard prepared based on the Company's continuity control room and office facilities in Dusavik. Subsea compression project in February. as a going concern, and in the opinion of the Total E&P Norge’s annual HSE programme -- The authorities’ approval of the Vestflanken Board of Directors this is justified. for 2016 included several activities to im- 2 project on Oseberg 2016 has been a highly active year for prove the HSE standard in operated activities. Total E&P Norge. We have continued to build In 2016, the average daily production was 235 95% of the programme was fulfilled. on our platform of long-term presence and thousand barrels of oil equivalents per day. In 2016, the Safety Culture project con- knowledge of the Norwegian Continental tinued its work to achieve a fully integrated Shelf. Total E&P Norges' safety culture in the organisation. The project As regards health, safety and environment will be implemented by 1 July 2017, and fol- (HSE), Total E&P Norge met its main objectives ambition is to become lowed up thereafter. for 2016, with no high potential incidents or a benchmark During 2016, the organisation has had a major spills recorded. company in HSE special focus on Emergency Preparedness performance, based activities to support our active drilling rigs, As an operator, we: on safe and with particular attention devoted to well -- Completed a busy year on Martin Linge control scenarios in connection with the environmentally ›› The project has now executed more than Solaris High Pressure/High Temperature 15.8 million hours worked (excluding friendly operations. (HPHT) well. Learning and experience trans- drilling), with an overall impressive safety fer from incidents outside of the Company record and no Lost Time Injuries during have also been an important focus area for The considerable work and efforts by our the year. our Onshore Emergency Organisation in staff within the existing scope of activity, ›› Fabrication of the topsides utility, pro- 2016, in preparation for the operations on together with awards in the licensing cess and flare modules is progressing Martin Linge. rounds, confirm the Company’s commit- at the Samsung Heavy Industries yard in To prepare for operation of the Martin Linge ment to and strength on the Norwegian Geoje. The modules will leave South Ko- production platform, substantial work has Continental Shelf. rea in May 2017. been carried out on the Company Manage- Total E&P Norge attaches high impor- ›› The shuttle tanker Hanne Knutsen is cur- ment System in 2016. The governance struc- tance to corporate social responsibility rently undergoing conversion work at ture for the system and content ownership and the due compliance by all Company the Remontowa yard in Poland and will has been established. staff and our cooperating partners with the be moored on the field during the au- A total of 6 external audits and 16 verifi- Ethics Charter and Code of Conduct set by tumn of 2017. cations were performed by Total E&P Norge the TOTAL Group. ›› The Onshore Operation Centre has been during 2016 with good results for all audited finished and handed over to the Field parties. The main focus was on risks associ- Operations team. ated with the drilling operations performed ›› Preparation for the offshore hook-up 2 during the year. One internal audit was start- and commissioning phase is well under ed in 2016 and will be carried over into 2017, way, with work currently being done by HSE PERFORMANCE, OPERATED with focus on information handover between an integrated team with representatives ACTIVITY IN 2016 project and operations. of Technip, Worley Parsons and Total. During 2016, the Petroleum Safety Author- -- Drilled three exploration wells in ity (PSA) and the Civil Aviation Authority per- PL554B/C, PL618 and PL040/043 respec- Total E&P Norge’s ambition is to become a formed several audits related to the Martin tively, where the successful Herja discovery benchmark company in HSE performance, Linge project. Some non-conformities were in PL040/043 is worthy of particular based on safe and environmentally friendly identified during the audits and corrective mention. operations. measures were implemented. -- Continued production from the subsea The Company met its objective with no The PSA also performed a verification au- fields Skirne and Atla. Atla was originally high potential incidents or major spills re- dit related to the Solaris HPHT well and man- set to cease production in Q3 2015. corded during 2016. aged pressure drilling with Mærsk Gallant. No
5 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | REPORT
non-conformities were identified. In the Martin Linge area (PL040/043), well Various health and lifestyle campaigns have LICENCING ROUNDS 30/4-3 S was spudded on the Herja prospect been carried out during the year. A screening in June. The well targeted the Middle Jurassic In 2016, the Company successfully contin- campaign for early detection of prostate and Tarbert sands of the Brent group. The well en- ued its search for attractive new exploration colon cancer was performed amongst em- countered gas and condensate in the Tarbert, acreage: ployees aged 50+. Promotion of physical ac- Ness and Etive formations, with good reservoir In September, the Company submitted tivity has now become an annual campaign quality. The well was formation-tested. A pre- an application for new licences in the 2016 and more than 200 employees logged their liminary estimate of the size of the discovery is Awards in Predefined Areas. On 8 March physical activity in 2016. between 13 and 69 million barrels of recover- 2017, Total E&P Norge was awarded one able oil equivalents (Mboe), which added addi- operatorship in the Norwegian Sea; PL255C tional resources to the Martin Linge field. The (40%) in block 6406/5. In addition, the The Company met well was completed with the objective of being Company was awarded an interest (14.7%) in its objective with no high put into production at start-up of the field. PL53C (Statoil operator) in block 30/6 in the potential incidents or major North Sea. OPERATED BY OTHERS spills recorded in 2016 As part of the preparations for the an- nouncement of the 24th licensing round, In 2016, Total E&P Norge participated in the on 29 August 2016 the Ministry of Petrole- drilling and completion of one exploration In 2016, absence due to illness in the Com- um and Energy (MPE) invited the industry well as partner, operated by Statoil. pany was at the same level as in 2015, 2.8%. to nominate blocks of interest in the North Well 30/9-28 S in PL104 was spudded in Total absence (employees’ illness + leave due Sea, Norwegian Sea and Barents Sea by 30 January. The main objective was to prove to own children’s illness) was 3.2%. November 2016. Total E&P Norge nominat- hydrocarbons in the Middle Jurassic Tarbert The Company has a Rehabilitation Com- ed several blocks by the nomination dead- formation, with additional potential in the mittee that is responsible for providing rele- line. It is expected that the licensing round underlying Statfjord formation. The well en- vant assistance to employees suffering from announcement will take place before the countered limited gas condensate accumu- long-term illness. There is also a committee summer of 2017. lations with poor properties. The operator's that follows up and supports employees with preliminary estimate of the discovery size is identified alcohol-related problems, in line between 2.3 to 4.4 Mboe. The discovery will with best practice in Norwegian working life. PORTFOLIO be considered for development as part of the “Oseberg Future Phase 2” project. The overall breakdown of licences following our portfolio optimisation and the awards in APA2016 is: HIGHLIGHTS - DEVELOPMENT -- Participation in 89 licences, 34 as Operator 3 PROJECTS, EVALUATIONS AND -- Participation in 21 producing fields OPERATIONS ACTIVITIES ON THE NORWEGIAN OPERATED CONTINENTAL SHELF EXPLORATION Martin Linge 2016 has been a busy year, with a high level of construction, installation and drilling activi- DRILLING LICENCE PORTFOLIO MANAGEMENT ties. The project has now executed more than 15.8 million hours worked (excluding drilling), OPERATED In line with the TOTAL Group’s strategy of ac- with an impressive overall safety record and tive portfolio management, Total E&P Norge In 2016, Total E&P Norge was the operator of no LTIs during the year. has pursued various divestment and acqui- three exploration wells. sition opportunities in 2016. A divestment Well 34/6-4 in PL554B/C on the Uptonia The following can be noted for 2016: agreement with KUFPEC was completed in prospect, about 6 kilometres northeast of -- Fabrication of the topsides utility, pro- December 2016, and comprises the following the Garantiana oil discovery, was drilled from cess and flare modules is progressing licences and fields: December 2015 to March 2016. The objective at the Samsung Heavy Industries yard was to prove hydrocarbons in reservoir rocks in Geoje and the modules leave South -- 15% of Gina Krog Unit from the Lower Jurassic Cook formation, Korea at the end of May 2017. -- 15% of PL813 which was encountered and ultimately proved -- The offshore STL buoy has been in- -- 21.8% of PL048E (Eirin discovery) to be water-bearing. stalled and is ready to be pulled into the -- 10% of PL046 (corresponding to In PL618 Well 1/5-5 was spudded in Feb- FSO when this arrives on the field. Total E&P Norge share in Sleipner East and ruary on the Solaris prospect. The main ob- -- The shuttle tanker Hanne Knutsen is West) jective of the exploration well was to prove currently undergoing conversion work -- 10% of PL046B reservoir and hydrocarbon presence in the at the Remontowa yard in Poland, and -- 10% of PL046D Upper Jurassic Haugesund formation. The will be moored on the field during the -- 10% of PL046E and PL046F (corresponding secondary target was to prove petroleum in autumn of 2017. to 6.2% of the Utgard Unit) the Triassic Skagerrak formation. The well en- -- The Onshore Operation Centre was Active portfolio management will continue in countered traces of gas in the Upper Jurassic completed and handed over to the Field 2017. Ula formation. Operation team.
6 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | REPORT
-- Preparation for the offshore hook-up and a final investment decision (FID) by the 2016. Drilling on Oseberg Øst utilising a and commissioning phase is well under end of 2017. Tender Support Vessel started in Q2 2016 way, with work currently being carried and the drilling of infill wells continued with Norwegian Sea out by an integrated team with repre- three platform rigs during 2016. On Åsgard, regularity has been high in 2016. sentatives of Technip, Worley Parsons On Troll, the drilling of infill wells contin- The second train of the subsea compression and Total. ued with three rigs during 2016. The Troll station started in February 2016. phase 3 project planning continued during After the topsides modules arrive at the off- On Kristin, production efficiency has been 2016 towards Concept Selection in 2017 shore location in the summer of 2017, there slightly better than budgeted. Modifications to and FID in mid-2018. The aim is to start gas will be a hectic period of offshore hook-up prepare for tie-in of the Maria field have start- production from the Troll West province by and commissioning to prepare the platform ed as planned and completion is scheduled spring 2021. and the FSO for production of oil and gas. for February 2018. Martin Linge production start-up is now On Tyrihans, production efficiency has Greater Ekofisk Area planned for the second quarter of 2018. been slightly better than budgeted. Gas In 2016, production from the Greater Ekofisk In 2016, Martin Linge (ML) drilling contin- injection was prolonged over the year and Area was 3% above budget. ued with the drilling of three gas producers additional processing capacity was booked at There was substantial activity in 2016, with in the Brent Formation. After two gas wells the Kristin platform. up to seven rigs simultaneously on develop- were drilled in the ML East structure, a deci- ment drilling in the Eldfisk II and Ekofisk South North Sea sion was made to drill the third gas producer projects and on plugging and abandonment On Visund, the Gas Export Upgrade project as an exploration well in the undrilled Herja of wells on Ekofisk A. was completed as planned in 2016. In Oc- panel. A confirmed discovery added signif- Existing water and gas handling capacities tober, the gas export was increased from icant additional reserves to the project and at Ekofisk have become more and more con- 7 MSm3/d to 10 MSm3/d, as planned. The resulted in this well replacing one ML East strained due to increasing water production partnership supported the Visund Nord well as a phase 1 gas producer. and gas lift requirements. The Ekofisk Capac- Increased Oil Recovery project concept, ity Upgrade project, approved in the licence which consists of two wells and a four-slot in October 2014 and completed in Septem- template connected to the existing Visund Martin Linge production ber 2016 on schedule and below budget, will Nord infrastructure. A final investment deci- start-up is now planned for eliminate back-out production by providing sion is planned for April 2017. the second quarter of 2018. debottlenecking mitigations. One infill well was completed on Kvitebjørn in 2016. The new Sindre Unit The plan to stop the phase 1 drilling cam- between Kvitebjørn and Gimle was approved In 2016, production from paign in November has been delayed due to by the partnership. This new unit covers an the Greater Ekofisk Area unexpected problems with well productivity area located in the north-western part of was 3% above budget. and clean-up of the gas wells. The wells have the Kvitebjørn license and the eastern part been temporarily suspended pending mobi- of the Gimle Unit. The new Unit approved Total E&P Norge promoted inclusion of lisation of new tools and a revised plan. the drilling of an exploration and develop- development studies in the 2016 work-pro- Production logging of Herja will contin- ment well in early 2017. gramme both for the Tommeliten Alpha ue into 2017. When completed, work on the On Gimle, the production has reached (PL044) and King Lear (PL146) discoveries, in temporarily suspended wells will continue tail end, and fees at Gullfaks have been re- order to support a potential project approval through the phase 1 drilling campaign lead- moved in order to obtain positive economy by end 2018. During 2016, geosciences stud- ing up to summer 2017. for the remaining production. ies at concept selection level were complet- On Heimdal, a new well came on stream in ed on Tommeliten Alpha, while the ongoing Atla and Skirne March 2016. Due to various process failures, geosciences studies are less mature for King The Authority approval for the Atla, Skirne the plant was shut down for several weeks Lear. Studies will continue in 2017. and Byggve cessation plan was received in during summer and additional weeks in No- December 2016. vember, which resulted in very poor produc- Both Skirne and Atla produced above tion efficiency, 77% vs. 93% in the budget. budget in 2016. The physical production 4 On Huldra, all development wells were from Skirne has been 114% of budget while permanently plugged and abandoned in FINANCIAL HIGHLIGHTS Atla has been delivering an average of 1 143 2016, significantly faster than budgeted. Re- boe/d compared to 0 budgeted. moval of the facilities is planned for 2019. On Gina Krog, the development project OPERATED BY OTHERS continued through 2016 towards a planned 4.1 COMMENTS ON THE Barents Sea start-up in Q2-2017. The topside was in- INCOME STATEMENT As regards the Snøhvit LNG facilities, plant stalled in August 2016 and offshore hook-up PRODUCTION VOLUMES performance has generally been good, work is ongoing. with average uptime of 95%. The develop- On Oseberg, the Vestflanken 2 project In 2016 the average daily quantities produced ment drilling that re-started in August had was approved by the authorities in June were 235 thousand barrels of oil equivalents to be abandoned in December due to tech- 2016. Construction of the jacket and topside (kboe) per day; 49% of the yearly production nical problems. Planning of the Askeladd is ongoing at the Heerema yard towards a came from gas production, equivalent to an project continued through 2016 towards planned installation in 2017. The Oseberg average of 17.5 million standard cubic meters planned concept selection in spring 2017 Delta 2 project was completed in January per day.
7 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | REPORT
This overall production level was similar to 15% interests in Gina Krog Unit, to Kufpec INVESTMENTS the one reached in 2015 and marked by a (Kuwait Petroleum Exploration Company) Investments totalled NOK 13 583 million (in- good performance on Troll, Snøhvit, Ekofisk with closing date on 21/12/2016 (legal and cluding exploration, appraisal, development and Eldfisk. In 2016, the 39.9% interest in Ek- fiscal effective date on 1/1/2016). capital expenditures and acquisitions) which ofisk area remained the largest contributor in is 12.2% lower than the NOK 15 476 million production terms, representing 31.8% of the spent in 2015. During 2016, the Company Company’s overall production. The Company’s revenues and income were globally positively continued its intensive development pro- impacted by the evolution of the gram on both operated and non operated REVENUES projects and has maintained a significant ex- NOK/USD which has therefore ploration effort. In 2016, revenues were NOK 24 762 mil- partially compensated the The largest development investments lion compared with NOK 30 423 million for adverse effect generated by the were linked to drilling activities in the Ek- 2015, down 18.6%. ofisk Area, engineering, procurement and Crude oil and gas sales amounted to NOK drop in the oil and gas prices. construction and start of installation of the 24 124 million compared to NOK 29 745 different packages of the Martin Linge and of million in 2015 and this decrease was mainly OPERATING EXPENSES the Gina Krog development projects as well due to reduced average oil and gas prices. as several projects in the Oseberg and Troll The average price achieved for oil and con- After deduction of charges to partners, net areas. In addition, Total E&P Norge incurred a densates was US dollar (USD) 43.17 per bar- operating costs were up 5.3% at NOK 20 598 NOK 1 512 million exploration effort in 2016 rel, which was significantly lower than the million compared to NOK 19 559 million in compared to NOK 1 270 million in 2015. USD 52.37 per barrel average price achieved 2015. This increase is mainly generated by in 2015. Revenues from oil and other liquids a higher consumption of the underlift po- SALES OF ASSETS were NOK 14 664 million compared to NOK sition for oil, condensate, gas and LNG (for 17 869 million in 2015. Booked gas reve- NOK 411 million), and an increase of about Total E&P Norge’s main disposal for 2016 nues reached NOK 9 460 million, down NOK 1 200 million of depreciation, deple- is the sale of its participating interest in the 20.3% from NOK 11 876 million in 2015, tion and amortization charges. Sleipner Fields (Sleipner West, Sleipner East due to reduced sale prices on all contract Due to disappointing results of the two explo- and Gungne), Utgard, Eirin and 15% interest in categories. ration wells, Solaris and Uptonia, the related the Gina Krog Unit to Kufpec (Kuwait Petrole- The yearly average price of gas delivered costs were fully charged to expenses in 2016. um Exploration Company) with closing date by the Company (including LNG) decreased Dismantlement and removal charges on 21 December 2016 (and legal and fiscal compared to 2015. Prices for spot gas sales slightly increased due to a termination fee effective date on 1st January 2016). showed a downwards trend compared to for Rig Rowan Gorilla used on PL018. 2015 and prices for gas delivered through FINANCING long-term sales agreements were affected NET INCOME Total E&P Norge restructured its financing by reduced oil and gas hub reference prices. The pre-tax profit for 2016 was NOK 3 960 mil- tools in May 2015 and entered into a syn- Overall in 2016, the value of the NOK has lion compared to NOK 9 844 million in 2015. dicated 4-years term loan for NOK 8 000 been affected by the trend on the oil and In the context of reduced taxable reve- million with 8 international banks. This unse- gas prices. The Company’s revenues and nues with still significant exploration and cured loan is remunerated based on floating income were globally positively impacted development expenditures and therefore rate and integrates a few financial covenants. by the evolution of the NOK/USD which has fiscal depreciations and uplift deductions, In addition, Total E&P Norge agreed with therefore partially compensated the adverse the current and deferred tax cost was re- an affiliated company a restructuration of its effect generated by the drop in the oil and duced from NOK 6 014 million in 2015 down financing facilities by having a NOK 22 000 gas prices. The Company’s accounts are to NOK 1 663 million for 2016. After taking million 4.5-years term loan and a NOK 5 000 denominated in NOK whilst liquids sales into account current and deferred taxes, the million 4.5-years revolving credit facility . are invoiced in USD and gas sales predom- net profit of the year was NOK 2 297 mil- At year-end 2016, the two term loans (to- inantly are invoiced in Euros (EUR), Pound lion compared to NOK 3 830 million in 2015, talling NOK 30 000 million) were fully drawn sterling or USD. The average exchange rate down 40%. and NOK 1 000 million were drawn from the for NOK/USD was 8.40 up 3.9% compared revolving credit facility, and the long term to 8.07 in 2015. The average NOK/EUR ex- borrowing shows a position at year end of change rate was 9.28 up 3.6% compared to NOK 32 856 million from associated compa- 8.95 in 2015. nies and third parties. The amount shown as other income in- 4.2 COMMENTS ON THE cludes gains on disposals of assets, insur- STATEMENT OF CASH FLOWS ance claim settlements and other income attached to licenses. In 2015, the amount CASH FLOWS COMMENTS ON THE integrates several individually non material 4.3 BALANCE SHEET transactions. The main contributor to the Cash flow from operations was NOK 13 351 amount in 2016 shown as other operat- million compared to NOK 15 644 million in FIXED ASSETS ing cost, comes from the disposal of Total 2015. After working capital variation, the net E&P Norge’s full participating interest in the cash flow provided by operating activities Total fixed assets after depreciation, deple- Sleipner Fields (Sleipner West, Sleipner East was NOK 13 061 million, up 1.7% compared tion and amortisation have increased to NOK and Gungne), it’s share in Utgard, Eirin and to NOK 12 841 million in 2015. 86 866 million compared to NOK 86 146
8 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | REPORT
million in 2015. Total E&P Norge has in 2016 in- creased its assets in progress as a consequence 4.4 COMMENTS ON THE 5 of its exploration and development program. FINANCIAL RISKS The producing assets after depreciation are EMPLOYEES AND decreasing to NOK 57 939 million compared to MARKET RISK ORGANISATION NOK 60 065 million at the end of 2015. The Company is exposed to changes in cur-
rency exchange rates, in particular USD and At the end of 2016, the total number of staff EUR, as the Company’s revenues are largely Total E&P Norge has in 2016 employed by the Company was 454. This fig- in these two currencies, and to changes in oil increased its assets in ure includes 343 local employees, 80 impatri- and gas prices. The Company hedges the ex- progress as a consequence ated staff and 31 employees assigned abroad posure on recognised crude oil sales in for- or to partners in Norway. There are also 109 of its exploration and eign currencies and on a significant portion of contracted employees, mainly linked to the development program. its gas sales. Some EPC contracts have been Martin Linge project organisation. hedged into NOK but some capital expendi- Diversity and internationalisation have been tures and operating costs are incurred in oth- CURRENT ASSETS priority areas for several years and are part of er currencies than NOK, mainly in USD. our long-term strategy. At year-end, 22 dif- Total current assets are at NOK 9 385 mil- The Company is also exposed to changes ferent nationalities were represented in the lion up 32% compared to NOK 7 106 million in interest rate levels, as the Company's debt organisation, with women making up 39% of booked at the end of 2015. This is related to is subject to floating interest rates. the workforce. At senior position levels, 28% an increase in cash equivalents and in the of the employees are women. current receivable position. CREDIT RISK A recruitment freeze has been in effect in Risk associated with the inability of counter- 2016, given the challenging economic envi- EQUITY AND LIABILITIES parties to fulfil their obligations is considered ronment. Total equity has decreased in 2016 by NOK 1 726 low, as the Company’s sales are mainly to 48% of the local employees were union million down to NOK 17 154 million after the group companies and other large corpora- members belonging to TEKNA, IndustriEnergi proposed dividend distribution for 2016. This tions. The Company has not realised losses Avdeling 268 or SAFE. variation is composed of the NOK 2 297 million on receivables in previous years. Total E&P Norge is a member of Norsk olje of net result for the year 2016, the proposed og gass, the Norwegian Oil and Gas Associa- NOK 4 000 million dividend for 2016 and a neg- tion, which is affiliated with NHO, the Confed- ative effect in the other comprehensive income Risk associated with the inability eration of Norwegian Enterprises. of NOK 23 million (change over the year of ac- of counterparties to fulfil their tuarial assumptions for pension obligations). obligations is considered low. Total long term provisions are increasing to NOK 37 922 million compared to NOK 36 139 6 million in 2015 principally because of the in- LIQUIDITY RISK APPLIED RESEARCH creased deferred tax position (linked to the sig- The Company's liquidity is considered sat- nificant exploration and development expendi- isfactory. It is anticipated that the Company tures). After additional changes in the pension will be able to fund its future cash require- The R&D centre in Total E&P Norge is one of scheme of Total E&P Norge and the inclusion of ments through cash-flows from operations five international R&D centres outside France updated actuarial assumptions, the pension ob- and loans within the TOTAL Group and with within the Exploration & Production (E&P) ligations are globally decreasing to NOK 1 509 external financial institutions. branch of the TOTAL Group. These centres million at the end of 2016. form an essential part of an integrated re- Total liabilities have increased in 2016 by NOK search strategy strongly linked to TOTAL’s 4 724 million to NOK 79 097 million, mainly due overall technology development road map. to the proposed dividend and long term provi- REPORT ON PAYMENTS 4.5 Total E&P Norge's R&D objectives focus on sions partially dampened by the reduction of its TO AUTHORITIES specific challenges associated with the Nor- tax payable position. According to the Accounting Act Section wegian Continental Shelf, covering three 3-3d, the Company shall issue a yearly report technical domains: subsurface including PROPOSED DIVIDEND detailing payments made to the Authorities. drilling and well technology, production and Taking into account the current and forecast- Total E&P Norge being consolidated by TO- environment. The TOTAL Group provides ed income and cash flow evolution of the TAL S.A. which is submitted to similar obliga- access to the substantial research undertaken company for the coming year, it is at this stage tions under the French law which transposed in France and elsewhere in the world. recommended to distribute a dividend of an the EU reporting requirements, has contrib- The Research Council of Norway runs two amount of NOK 4 000 million, i.e. NOK 1 703 uted to the Group transparency reporting. major R&D initiatives aligned with OG21 pri- million from retained earnings in addition to The contribution of Total E&P Norge orities. The PETROMAKS programme covers the net result for 2016. The shareholders equi- is accessible through the Total Group Regis- basic research whilst DEMO2000 addresses ty together with the continuation of the fund- tration Document (available on TOTAL web the development and demonstration of new ing support provided by the shareholder and site) in the chapter 11 referring to “Supple- technologies. Total E&P Norge plays an active other related affiliates and external financing mental oil and gas information (unaudited)”, role in both programmes, providing technical capacity of the company is ensuring a sound in the “Report on the payments made to expertise, pilot testing opportunities and fi- equity and liquidity for the company. governments”. nancial support for projects.
9 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | REPORT
In addition to supporting the Research programme developed to assess the po- The main environmental discharges and Council, Total E&P Norge’s R&D strategy in- tential environmental impact of the 2015 emissions coming from Total E&P Norge’s cludes active participation and collaboration discharged thermo-mechanically treated, operated activities in 2016 are listed in the within the wider Norwegian technology in- non-aqueous based mud cuttings. Results two following tables (1&2). The Company’s novation ecosystem including Joint Industry from the monitoring surveys indicate that offshore activities in recent years have been Projects managed by the SINTEF and IRIS the contamination with total hydrocarbon dominated by drilling activities and produc- research institutes. In line with TOTAL’s ambi- concentration is restricted to the nearest tion from two subsea fields, Atla and Skirne. tion to deliver responsible energy that is re- stations, 250 to 500m from the field centre. Since 2014, there has been continuous pro- liable, affordable and clean, Total E&P Norge Despite this contamination, the fauna pres- duction drilling on the Martin Linge field, is increasingly involved in the development of ent at the stations does not present any sign which contributes to increased emissions to Carbon Capture and Storage (CCS) technol- of disturbances or impact. air and waste generation. Thanks to re-in- ogies through the BIGCCS and more recent Detailed information on our environmen- jection, there are no discharges of produced NCCS programmes. tal accounts can be found in the annual dis- water to sea associated with the Atla and Further to its active participation in re- charge report submitted through the joint Skirne production. Discharge of oily water is search projects, the Company invests in the electronic reporting format for the Norwe- associated with drilling activities. training of young professionals coming from gian Environment Agency, the Norwegian Total E&P Norge has an Environmental both French and Norwegian higher education Petroleum Directorate and the Norwegian Management System, integrated in its HSE institutions. Through R&D co-operation with Oil and Gas Association. Management System, which is certified in the Norwegian universities, Total E&P Norge continues to support and evaluate opportuni- ties for PhD projects in 2017 and beyond. TABLE 2 2016 2015 2014 2013 2012
Drilled length (m) 17 289 23 250 16 032 3 967 5 904
Total mud used (tonnes) 48 679 52 887 39 257 8 603 11 059
7 Cuttings discharged to sea (tonnes) 3 893 2 186 8 887 1 167 1 435
ENVIRONMENTAL Treated cuttings discharged to sea (tonnes) 0 2 460 0 0 0 ACCOUNTS AND IMPACT Mud discharged to sea (tonnes) 6 981 8 998 17 006 5 044 3 834
Volume of discharged water (m3) 9 518 10 634 4 220 1 892 658 The Company focuses on limiting its energy Discharged conc. (G/m3) 6 20 11 9 18 consumption, atmospheric emissions, dis- charges to sea and ultimate waste produc- CO2 (tonnes) 97 119 85 208 68 863 13 409 81 967 tion in line with the TOTAL Group’s commit- NOx (kg) 691 988 569 304 755 937 270 265 655 101 ments. Our environmental performance is measured through key indicators established CH4 (tonnes) 2 1 0 0 0 annually as a means to measure and contin- uously improve our performance. Environ- NMVOC (tonnes) 56 54 45 19 20 mental verifications are performed through SOx (tonnes) 10 9 8 13 11 the year to follow up on compliance with regulatory and internal requirements. The Hazardous (tonnes) 7 174 5 519 3 840 274 6 184 main environmental KPIs for 2016 are listed % Re-used waste 34 37 11 85 8 in the table (1) below. The sediment monitoring surveys that Non-hazardous (tonnes) 576 512 566 275 223 started at Martin Linge in 2015 continued in % Re-used waste 85 83 99 98 89 2016. The surveys are part of the monitoring
TABLE 1 2016 TARGET JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Number of non-compliances 0 0 0 0 0 0 0 0 0 0 0 0 0 with discharge permits Number of spills to sea 0 0 0 0 1 0 0 1 0 0 0 0 0 Waste segregation M Intrepid – in % >80 78 87,3 99 99 92 92 79 100 93 92 100 92
Waste segregation M Gallant- in % >80 - - 100 97 95 97 97 98 98 - - -
NNOx emission vs. permit – M Intrepid (since start of op.) in % <100 • energy production 64 68 71 74 77 80 85 89 92 83 86 89 • well clean-up & testing 7 7 7 7 9 32 32 32 0 54 60 66 CO emission vs. permit M Intrepid 2 <100 4 7 10 13 17 44 48 51 57 9 9 10 (per year) in %
10 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | REPORT
accordance with the requirements of NS-EN -- Continue to unlock marginal or medi- um tax system implemented by the former ISO 14001:2004. This ISO Standard has the um-sized discoveries through conceptual government in May 2013 and the current overall objective of continuously improving studies. government’s unwillingness to reverse the environmental performance. The Company -- Continue portfolio optimisation activities amendment is a concern in this context. was re-certified in 2015 and the certificate both for exploration and other activities. -- As large parts of the Norwegian Continen- verified in 2016 without any findings. tal Shelf continue to mature, the emphasis The 2017 timeline - Highlights will shift to management of lifetime exten- -- Key activities for the Martin Linge project sion for maturing fields and facilities, par- in 2017 will be to progress the fabrication ticularly through the tie-back of smaller 8 of the topsides utility, process and flare satellite discoveries and/or more challeng- modules for the sail-away from South Ko- ing reservoirs. This requires an evolution in OUTLOOK FOR 2017 rea in May. thinking, towards increased and sustaina- -- Complete the conversion work in Poland ble cost reduction and effectiveness, en- on the Hanne Knutsen shuttle tanker, abling greater standardisation of solutions The Board is of the opinion that 2017, like which will be moored on the field during and technologies, all in a very challenging 2016, will be an important and challenging the autumn. and volatile oil and gas price environment. year for Total E&P Norge as it continues to -- Timely preparation for the hook-up and This must be addressed by all players in the build towards a greater role as operator on commissioning phase scheduled to start industry – authorities, oil companies, con- the Norwegian Continental Shelf (NCS), from in the summer, upon arrival of the topside. tractors and service companies. our standpoint today, well into the execution -- The main task for Martin Linge drilling will The Board’s general optimism for the future phase of the Martin Linge project. be to successfully complete the produc- development of the Company, as expressed tion logging of the Herja well, the remain- above, is based on its confidence in the qual- ing work on the temporarily suspended The Board has identified several key events ity and competence of the Company’s staff. well to carry out the phase 1 drilling cam- in the year to come, starting off with our paign before the summer. main challenges: -- Before the summer, in close cooperation -- With safety as a core value, continue to with the unions, complete the study to meet the Company’s ambitions and ob- 9 define the optimised organisation for our jectives with regard to health, safety and future activities. Implement the necessary ACCOUNTS the environment. actions coming from the study. -- Optimise, improve the efficiency and de- -- Continued training and preparation of the velop the competence of the organisation Martin Linge operations staff will be im- The 2016 accounts and explanatory notes are needed for our future activity level. portant to ensure that we are ready for presented in this annual report. -- Achieve the defined 2017 targets for the Martin Linge production start-up in Q2 We are not aware of any matters not dealt with affiliate in the TOTAL Group's ‘4C & Deliv- 2018 in this report or the accompanying accounts er’ cost reduction programme and share that could be of significance when evaluating our experience in our licences operated the Company’s position at 31 December 2016 by others. With respect to the framework conditions and the results of the year just ended. -- Timely progress on the Martin Linge top- on the NCS that affect our sector, we would side fabrication in close co-operation emphasise the following: Taking into account legal requirements and with our partners and main contractors -- In 2014, all major O&G companies an- other relevant considerations, it is proposed towards the sail-away from South Korea in nounced and implemented cost reduction that the Company’s net profit shall be dis- May 2017. programmes with the ambition to establish tributed as follows: -- Together with our contactors, successful- a sustainable cost level in the industry at ly prepare for the offshore hook-up and large. Significant cost reduction achieve- MILL NOK commissioning phase of Martin Linge to ments were made in 2015 and 2016. The start in summer 2017. efforts will continue at full force in 2017. 2016 net income 2 297 -- Be an active and constructive partner with The success of these programmes will be From retained earnings 1 703 influence on key decisions in our portfolio decisive for new field developments on of core licences operated by others. the NCS. The amendment to the petrole- Dividend 4 000
THE BOARD OF DIRECTORS OF TOTAL E&P NORGE AS
MICHAEL BORREL L PHILIPPE HERGAUX FRANK JOHANNESSEN BLAZQUEZ* FREDERIC AGNES ARILD KVANVIK JØRGENSEN LOUIS VOS* CHAIRMAN
* EMPLOYEES’ REPRESENTATIVES DOMINIQUE PAUL MARION FRODE LJONES BJØRN HAUGEN* DYVEKE BJØRGUM BRODAL* PIERRE BANG MANAGING DIRECTOR
11 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | INCOME STATEMENT
INCOME STATEMENT
MILLION NOK NOTES 2016 2015 VARIANCE
REVENUES
Crude oil and gas sales 1 24 124 29 745 (5 621) Tariff income 388 414 (26) Other income 2 250 263 (13)
TOTAL REVENUES 24 762 30 423 (5 661)
OPERATING EXPENSES
Purchases of gas 223 468 (245) Salaries and employee benefits 3,4 824 871 (47)
Licence fees, royalties and governmental expenses 625 595 30 Production and transportation expenses 5,6 6 343 7 284 (941) Exploration expenses 254 335 (80) General and administrative expenses 336 332 4 Provisions for well plugging, dismantlement and removal 7 2 477 2 035 442 Depreciation, depletion and amortization 10 8 822 7 585 1 238 Variation of product stock 503 55 447 Other operating cost 2 191 0 191 OPERATING EXPENSES 20 598 19 559 1 039
OPERATING PROFIT 4 164 10 864 (6 700)
FINANCIAL INCOME AND (EXPENSES)
Financial income 8 31 47 (16) Financial expenses 8 (231) (570) 339 Income from subsidiary and related companies 15 13 2 Net exchange gains/(losses) (20) (510) 491 FINANCIAL INCOME/(EXPENSES) - NET (204) (1 020) 816
ORDINARY NET INCOME BEFORE TAXES 3 960 9 844 (5 884)
Taxes payable 9 (4) 1 936 (1 940) Deferred taxes 9 1 667 4 078 (2 411)
NET INCOME 2 297 3 830 (1 533)
ALLOCATION
Dividend 13 4 000 0 4 000 Retained earnings 13 (1 703) 3 830 (5 533)
TOTAL ALLOCATION 2 297 3 830 (1 533)
12 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | CASH FLOW STATEMENT
CASH FLOW STATEMENT
MILLION NOK 2016 2015 VARIANCE
CASH FLOWS FROM OPERATING ACTIVITIES
Net income before taxes 3 960 9 844 (5 884) Current taxes on income 4 (1 936) 1 940 Depreciation, depletion and amortisation 8 822 7 585 1 238 Long-term provisions 397 192 206 Loss / (gain) on sales of property, plant and equipment 168 (40) 208
Cash flows from operations 13 351 15 644 (2 293) Cash increase/(decrease) from variations in:
Accounts receivable and prepaid expenses (320) 1 861 (2 181) Inventories 513 (266) 779 Accounts payable and accrued liabilities (205) 433 (638) Accrued taxes (297) (4 906) 4 609 Long-term receivables 19 74 (56)
NET CASH PROVIDED BY OPERATING ACTIVITIES 13 061 12 841 220
CASH FLOWS FROM/(TO) INVESTING ACTIVITIES
Capital expenditures (13 583) (15 476) 1 893 Investments in other shares 0 (1) 1
Proceeds from sales of property, plant and equipment 3 550 40 3 510
NET CASH USED IN INVESTING ACTIVITIES (10 033) (15 437) 5 404
CASH FLOW FROM/(TO) FINANCING ACTIVITIES
Increase/(decrease) in associated long-term liabilities (500) (1 500) 1 000 Increase/(decrease) in other long-term liabilities (148) 8 231 (8 379) Increase/(decrease) in overdraft facilities 0 (23) 23 Dividend paid to shareholder 0 (3 000) 3 000
NET CASH FLOWS FROM/(TO) FINANCING ACTIVITIES (648) 3 708 (4 356)
Net increase/(decrease) in cash and cash equivalents 2 381 1 112 1 269 Cash and cash equivalents at 01.01 1 595 483 1 112
CASH AND CASH EQUIVALENTS AT 31.12 3 976 1 595 2 381
13 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | BALANCE SHEET
BALANCE SHEET
MILLION NOK NOTES 31 DEC 2016 31 DEC 2015 VARIANCE
FIXED ASSETS
INTANGIBLE ASSETS
Licence acquisitions 10 1 763 2 090 (327) TOTAL INTANGIBLE ASSETS 1 763 2 090 (327)
PROPERTY, PLANT AND EQUIPMENT 8,10
Buildings 179 191 (11) Producing assets - completed 57 939 60 065 (2 126)
Producing assets - in progress 21 578 18 112 3 466 Exploration wells 3 888 4 051 (163) Transport - and other equipment 1 242 1 343 (101) TOTAL PROPERTY, PLANT AND EQUIPMENT 84 826 83 761 1 065
FINANCIAL INVESTMENTS
Shares 11 216 216 (0) Long-term receivables 3 61 80 (18) TOTAL INVESTMENTS 277 296 (18)
TOTAL FIXED ASSETS 86 866 86 146 720
CURRENT ASSETS
INVENTORIES
Material and supplies 857 868 (11) Oil/Gas underlift 1 660 2 071 (411) TOTAL INVENTORIES 2 518 2 938 (421)
ACCOUNTS RECEIVABLE
Customers 12 2 755 2 564 192 Other 137 8 129 TOTAL ACCOUNTS RECEIVABLE 2 892 2 572 320
CASH AND CASH EQUIVALENT 12 3 976 1 595 2 380
TOTAL CURRENT ASSETS 9 385 7 106 2 279
TOTAL ASSETS 96 251 93 252 2 999
14 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | BALANCE SHEET
BALANCE SHEET (CONTINUED)
MILLION NOK NOTES 31 DEC 2016 31 DEC 2015 VARIANCE
EQUITY
PAID-IN CAPITAL
Share capital (4 201 000 shares à 1 000.00) 13 4 201 4 201 0 Share premium 13 2 340 2 340 0 TOTAL PAID-IN CAPITAL 6 541 6 541 0
RETAINED EARNINGS
Retained earnings 13 10 613 12 339 (1 726) TOTAL RETAINED EARNINGS 10 613 12 339 (1 726)
TOTAL EQUITY 17 154 18 880 (1 726)
LIABILITIES
LONG-TERM PROVISIONS
Pension obligations 4 1 509 1 539 (30) Deferred taxes 9 23 781 21 783 1 998 Well plugging, dismantlement and removal 7 12 545 12 816 (271) Other provisions 4 86 0 86 TOTAL LONG-TERM PROVISIONS 37 922 36 139 1 783
OTHER LONG-TERM LIABILITIES
Long-term loans from associated companies 14 23 000 23 500 (500) Long-term loans from financial institutions 14 8 000 8 000 0 Long-term loans from other companies 14 1 856 2 004 (148) TOTAL LONG-TERM LIABILITIES 32 856 33 504 (648)
CURRENT LIABILITIES Oil/Gas overlift 448 356 92 Accounts payable and accrued expenses 12 3 452 3 631 (179) Taxes other than income taxes 53 63 (10) Income taxes payable 9 224 521 (297) Proposed dividend 13 4 000 0 4 000 Other short term debt 142 160 (18) TOTAL CURRENT LIABILITIES 8 319 4 730 3 589
TOTAL LIABILITIES 79 097 74 373 4 724
TOTAL EQUITY AND LIABILITIES 96 251 93 252 2 999
15 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | ACCOUNTING POLICIES
ACCOUNTING POLICIES
The financial statements are presented in accordance with the regulations financial leases. These contracts are capitalized as assets at fair value, or if in the Accounting Act and Norwegian Generally Accepted Accounting lower, at the present value of the minimum lease payments according to Principles. the contract. A corresponding financial debt is recognized. These assets are REVENUE RECOGNITION Revenues associated with sales and depreciated over the shortest of the estimated economical life time of the transportation of hydrocarbons is recognised when title passes to the asset and the leasing period. customer at the point of delivery of the goods based on the contractual Leasing agreements without transfer of substantially all the risk and terms of the agreements. Other services are recognized at the time of control to the lessee are considered as operating leases. The Company’s delivery. leasing costs in operating leases are reflected as operating expenses. JOINT OPERATIONS The Company’s shares in joint operations are booked SHARES The investment is valued as at cost of the shares in the subsidiary, under the respective lines in the profit and loss statement and the balance less any impairment losses. An impairment loss is recognized if the sheet. impairment is not considered temporary, in accordance with generally accepted accounting principles. Impairment losses are reversed if the BALANCE SHEET CLASSIFICATION Current assets and short-term liabilities reason for the impairment loss disappears in a later period. The operations consist of receivables and payables due within one year after transaction of the subsidiaries are considered immaterial compared to the level of the date. Other balance sheet items are classified as fixed assets / long-term company’s business, and consolidated accounts have therefore not liabilities. been prepared. Group accounts are prepared by the holding company Current assets are valued at the lowest of acquisition cost and fair value. TOTAL S.A. resident in France. Short term liabilities are recognized at nominal value. Fixed assets are valued at cost, less depreciation and impairment losses. INVENTORIES Consumable inventories consist of equipment for Long term liabilities are recognized at nominal value. exploration and field development, and are calculated at average purchase prices. Spare parts are charged to operations when acquired. FOREIGN CURRENCY TRANSLATION Transactions in foreign currency are translated at the rate applicable on the transaction or invoicing date. OVER-/UNDERLIFTING Overlifts or underlifts of petroleum products in Monetary items in a foreign currency are translated into NOK using the relation to the company’s ownership, is valued at sales price. exchange rate applicable on the balance sheet date or, if covered by FUTURE WELL PLUGGING, ABANDONMENT AND REMOVAL COSTS forward currency exchange contracts, at the contract rate. Changes to Annual provisions are made to meet future costs for decommissioning, exchange rates are recognized in the income statement as they occur abandonment and removal of installations. Provision requirements are during the accounting period. reviewed on an individual field basis, and the net present value of future CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash, costs is the basis for the recognized obligation. Changes in time element bank deposits and other short term highly liquid investments with (net present value) of the abandonment provisions are expensed annually maturities of three months or less. and increase the obligations in the balance sheet. Changes in estimates are recognized over the remaining production period, unless the production is INTANGIBLE ASSETS, PROPERTY, PLANT AND EQUIPMENT Costs related for material purposes completed. In such a case the changes in estimate is to intangible assets, property, plant and equipment are capitalized and recognized immediately. depreciated linearly over the estimated useful life. Maintenance is expensed as incurred, whereas costs for improving and upgrading property plant and PENSIONS Defined benefit plans are valued at the present value of accrued equipment are added to the acquisition cost and depreciated with the future pension benefits at the balance sheet date. Pension plan assets are related asset. valued at their fair value. Depreciation charges for licence acquisitions, offshore and onshore Changes in the pension obligations due to changes in pension plans are production installations, booked under operating expenses, are recognized over the estimated average remaining service period. determined mainly by the unit-of-production method. Other onshore The company follows the revised IAS19, also valid in NRS 6. The property, plant and equipment are depreciated by use of the linear or accumulated effects of the changes in estimates in financial and actuarial declining balance method. assumptions are recognized in full in the “Changes in actuarial assumptions If carrying value of a non current asset exceeds the estimated for pensions” in equity. These are incorporating revisions of costs of recoverable amount, the asset is written down to the recoverable amount. previous years’ contributions, changes in interest costs, expected return on The recoverable amount is the greater of the net realizable value and value the pension funds and in discount rates used to calculate the pension in use. In assessing value in use, the discounted estimated future cash flows obligations and assets. from the asset are used. The net pension cost for the period is classified in salaries and personnel Incurred interest cost related to substantial development projects are costs. capitalized as part of the development cost. Defined contribution plan – Contribution to the defined contribution scheme is recognized in the income statement in the period in which the EXPLORATION Exploration costs are treated in accordance with the contribution amounts are earned by the employees. successful effort method, with the well as basis for the evaluation. Exploratory drilling costs are capitalized pending the determination of INCOME TAX Income taxes reflect both current taxes and taxes payable in whether the wells found proved reserves. If the wells are determined the future as a result of the current year’s activity. When calculating the commercially unsuccessful costs are expensed as depreciation. Geological deferred taxes, the company uses the liability method, under which and geophysical costs are expensed as incurred. deferred taxes are calculated applying legislated tax rates in effect at the closing date. Earned future deductible uplift allowance is offset against the RESEARCH AND DEVELOPMENT Research and development costs are special tax when calculating deferred taxes. expensed as incurred. CASH FLOW STATEMENT The statement of cash flow has been prepared in LEASING COMMITMENTS Leases transferring substantially all the risks and accordance with the indirect method as per the temporary Norwegian rewards incidental to ownership from the lessor to the lessee are treated as accounting standard.
16 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
NOTES
01 CRUDE OIL AND GAS SALES
MILLION NOK 2016 2015
Crude oil 13 058 15 760 NGL 1 252 1 636 Gas 9 460 11 876 Condensate 354 473 Total 24 124 29 745
Most sales of petroleum products are within Europe with some LNG cargoes sold in other markets. The main part of the oil and liquids sales are to Group companies.
02 OTHER INCOME / OTHER OPERATING COSTS
The amount shown as other income includes gains on disposals of Norge’s full participating interest in Sleipner Fields (Sleipner West, assets, insurance claim settlements and other income attached to Sleipner East and Gungne). Its share in Utgard, Eirin, and 15% interest in licenses. In 2015, the amount integrates several individually non the Gina Krog Unit to Kufpec (Kuwait Petroleum Exploration Company) material transactions. The main contributer to the amount in 2016 with closing date on 21/12/2016 (and legal and fiscal effective date on shown as other operating cost, comes from the disposal of Total E&P 1/1/2016). The disposal contributed to a loss of NOK 191 million.
03 SALARY, EMPLOYEE BENEFITS, NUMBER OF EMPLOYEES
MILLION NOK 2016 2015
Salaries 566 606 Social security and other benefits 82 94 Pension cost (37) (7) Other 213 178 Total salaries and employee benefits 824 871
Average number of full-time employments 438 447
Fees paid to the Board of Directors in 2016 amounted to NOK 182 500. The restricted shares plan is subject to certain conditions of economic Full cost incurred by Total E&P Norge for salaries and remunerations to performance of the Total S.A. Group after a vesting period. Certain the Managing Directors amounted to NOK 5 592 256 in 2016. The employees of Total E&P Norge AS were invited to participate in the company has a new Managing Director from August 2016. The plans. Given the immaterial value of the benefits, no expense has been Managing Director is formally employed and part of a pension recognized in the accounts. agreement in another group company. There are no agreements with Long-term receivables contain loans to employees of NOK 17 the Managing Director or the Board of Directors for special bonuses or million. Total E&P Norge AS have also issued a guarantee to Nordea for separate remuneration in connection with termination. loans to Total E&P Norge AS employees of total NOK 500 million as per The General Assembly of Shareholders of Total S.A. has decided 31.12.2016. restricted share plans and share subscription option plans. No company loans were granted to the Managing Director.
17 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
04 EMPLOYEE RETIREMENT PLANS
With effect from 01.01.2015 all new employees and current employees Unfunded defined benefit plan for employees with higher salary was born in 1963 or later were transferred to a defined contribution plan. closed 01.07.2015. A new plan was introduced for all employees based The previous collective benefit retirement plan became a closed on defined contribution principles. A pension compensation scheme pension plan from 01.01.2015. A pension compensation scheme has has been established for employees who would have insufficient been established for employees between 40-52 years. In addition, the funding at 67 years compared to the defined benefit scheme. Company has established a senior policy for employees who would New voluntary measures modifying the senior policy were put in choose to retire as from the age of 62. Both these schemes are included place in 2016 to incentivize the retirement of employees reaching the in unfunded pension plans. Employees born in 1962 or earlier will still age of 62 in 2016 and 2017. The duration of application for this scheme have a part of the Company`s collective benefit retirement with DNB. In ended 30 September 2016. For those being 62 years in another period, addition, this plan also includes retired personnel who receive defined the previous senior policy is not maintained any longer. future pensions.
MILLION NOK 2016 2015
BENEFIT PLANS:
Current service cost 90 70 Interest cost 66 93 Interest on plan assets (34) (43) Loss (gain) from curtailment or settlement (138) (165) Net periodic pension cost * (16) (45)
CONTRIBUTION PLANS:
Defined contribution cost 31 30 Total periodic pension cost 15 (15)
*Pension cost includes associated social security tax.
THE FOLLOWING STATEMENT PRESENTS THE STATUS OF THE PLANS AT 31 DECEMBER 2016:
NET FUNDED NET UNFUNDED TOTAL MILLION NOK PENSION PLANS PENSION PLANS ALL PLANS
Projected benefit obligation 1 172 1 702 2 874
Pension plan assets 815 550 1 365 Net pension assets (obligation) (357) (1 152) (1 509)
Net unfunded plans are presented under long-term provisions. Social security tax is calculated based on the pension plan`s net funded status and is included in the defined benefit obligation.
THE ACTUARIAL PRESENT VALUE HAS BEEN CALCULATED USING THE FOLLOWING ASSUMPTIONS: 2016 2015
Discount rate 2.1% 2.5% Projected wage increases 2.25% 2.5% Projected pension regulation 2.0% / 1.50% 2.25% / 1.75%
The calculation is based on the mortality table K2013FT. Total E&P Norge AS is obliged to follow the law on mandatory pension obligations. The pension scheme satisfies the requirement in this Act.
18 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
05 AUDITOR
The audit fee for work performed in 2016 amounted to NOK 2 275 NOK 266 601 for other attestation services and NOK 49 950 for 651 excl VAT, of which NOK 1 959 100 was for audit related services, income tax and VAT advice.
06 RESEARCH AND DEVELOPMENT
In 2016 the Company has incurred expenses of NOK 93 million on distribution on seabed, technology for subsea separation and fluid Research and Development activities. The Company's R&D program is treatment for transport on long distances, and environmental a part of the Total Group plan and is aimed at improving the value of assessment/monitoring. The program of work is accomplished our current and future investments on the Norwegian Continental through joint industry projects collaboration with Norwegian Shelf. The focus is on improving understanding, developing new universities and institutes. The program also recognizes technical methodologies, models and hardware in the areas of enhanced oil challenges set out in the national technology strategy, OG21. recovery, reservoir/well monitoring, flow assurance, power supply and
PROVISIONS FOR FUTURE WELL PLUGGING, 07 DISMANTLEMENT AND REMOVAL COSTS
Under the terms of the oil and gas licenses, the State may require full or The change in provision in 2016 for future well plugging, partial dismantlement and removal of offshore oil and gas installations, dismantlement and removal costs has been calculated at or assume ownership at no charge when production finally ceases or NOK 2 477 million using the unit-of-production method. Incurred upon the expiration of the licenses, and also if the license is surrendered expenses in 2016 amounting to NOK 2 022 million have been offset or recalled. In the event of take over, the State will assume responsibility to previous year’s provisions. The discounted value of the total for dismantlement and removal of installations. If the Norwegian obligations expected to be paid for removal activities, are estimated Government should require dismantlement and removal of the to NOK 19 785 million. installations, removal costs will be fully tax deductible for the licensees.
08 FINANCIAL INCOME AND EXPENSES
MILLION NOK 2016 2015
FINANCIAL INCOME:
Interest income from group companies 2 21 Other interest income 30 26 Total financial income 32 47
FINANCIAL EXPENSES:
Interest expenses to group companies (415) (493) Other interest expenses (183) (309) Capitalized financial interest 368 232 Total financial expenses (230) (570)
19 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
09 INCOME TAXES
Taxes include both current and deferred taxes on income. The special petroleum tax has been calculated after the deduction of the available uplift allowance.
THE BASIS FOR THE CURRENT TAX PROVISIONS IS CALCULATED AS FOLLOWS:
MILLION NOK 2016 2015
Net income before taxes 3 960 9 844 Permanent differences* (1 840) 315 Change in timing differences (2 696) (5 159) Basis for current tax calculation (576) 5 000 Onshore income 216 338 Uplift (3 470) (3 965) Basis for Special Offshore Tax (3 830) 1 373
Corporate Tax 27% - 1 350 Special Revenue Tax 51% - 700 Previous years' adjustment (4) (115) Tax cost on interim result for Sale and Acquisitions of assets 413 - Deferred tax 2 081 4 080 This year's tax cost 2 490 6 015
Taxes payable in the income statement (4) 1 935 Tax cost on interim result for Sale and Acquisitions of assets - - Previous years' adjustment 4 115 This year's taxes payable - 2 050
Instalments of income taxes paid - (1 680) Other payable taxes related to previous years 225 151 Total taxes payable in the balance sheet 225 521
* Mainly related to the disposal of Total E&P Norge's participating interests in Sleipner area and 15% in the Gina Krog Unit. Payable taxes are calculated based on 25% corporate tax and 53% special tax which were the applicable rates for 2016. Deferred tax is calculated based on 24% corporate tax and 54% special tax which are the applicable rates valid from 1 January 2017.
20 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
09 INCOME TAXES (CONTINUED)
DEFERRED TAX LIABILITIES ARE PROVIDED ON ALL TEMPORARY DIFFERENCES BETWEEN THE FINANCIAL REPORTING BASIS AND THE TAX BASIS OF THE COMPANY’S ASSETS AND LIABILITIES:
MILLION NOK 2016 2015
Property, plant and equipment 49 710 45 180 Pensions (1 595) (1 539) Other 69 880 Provision for well plugging and decommissioning (11 974) (12 244) Basis for deferred ordinary taxes 36 210 32 277 Deferred Uplift (8 023) (5 943) Onshore assets (241) (472) Basis for deferred special taxes 27 946 25 862
Deferred tax: Corporate Tax 8 690 8 070 Special Revenue Tax 15 091 13 713 Deferred tax liabilities 23 781 21 783
Change in deferred tax 2 081 4 080
TAX PROOF:
Income before taxes 3 960 9 844 Marginal tax rate 78% 3 089 7 678
TAX EFFECT OF: Permanent and other differences 327 514 Tax interimperiode related to sale and acquisition of participating interest in licenses 413 - Earned uplift (1 335) (1 936) Previous years' adjustment (4) (241) This years tax cost 2 490 6 015
21 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
10 INTANGIBLE ASSETS, PROPERTY, PLANT AND EQUIPMENT
TRANSPORT- PROD. INST. & OTHER CONSTRUCTION EXPLO LICENCE TOTAL MILLION NOK COMPLETED EQUIPMENTS BUILDINGS IN PROGRESS WELLS ACQUISITIONS ALL ASSETS
At cost 01.01.16 160 562 2 101 290 18 112 9 008 5 965 196 037 Additions** 5 096 20 0 7 454 1 008 5 13 582 Transfers 354 0 0 (365) 11 0 0 Retirements and sales (5 550) (4) (11) (3 623) (223) (151) (9 562) Accumulated investments at 31.12.16 160 462 2 117 279 21 578 9 804 5 819 200 057
Accumulated depreciation 102 523 875 100 0 5 915 4 056 113 468 Book value 31.12.16 57 939 1 242 179 21 578 3 888 1 763 86 589
** Capitalized financial interests are included in the additions with 368 MNOK
2016 depreciation 7 440 121 4 0 1 076 181 8 822
Estimated useful life of assets 10-20 years 30 - 50 years Evaluation Evaluation Unit-of-prod
Depreciation plan Unit-of-prod Decl bal / linear Decl bal - -
FIXED ASSETS INCLUDE THE FOLLOWING AMOUNTS FOR CAPITAL LEASING AGREEMENTS PER 31. DECEMBER 2016 AND 2015:
MILLION NOK 31.12.16 31.12.15
Transport- & Other equipments 1 544 1 544 Accumulated depreciation 357 272 Book value year end 1 187 1 272
The financial leasing is reflecting a contract with a fixed capital cost for a period of 18 years. Total E&P Norge AS has in addition the possibility to extend this agreement by 9 more years.
11 SHARES
REGISTERED OWNERSHIP VOTING EQUITY PROFIT (LOSS) BOOK ALL AMOUNTS IN THOUSAND NOK OFFICE INTEREST INTEREST 31.12.2016 2016 VALUE
SHARES IN SUBSIDIARIES AND ASSOCIATED COMPANIES: Total Etzel Gaslager GmbH Düsseldorf 100.00% 100.00% 13 695 (3 659) 8 736 Total Gass Handel Norge AS Stavanger 100.00% 100.00% 13 293 4 494 300 Norpipe Oil AS Sola 34.93% 34.93% 66 176 45 050 178 347 Total subsidiaries and associated companies 187 383
SHARES IN OTHER COMPANIES: Kunnskapsparken Nord AS 11.75% 13 002 Leda Technologies DA 25.00% 15 374 Total other companies 28 376
22 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
12 TRANSACTION AND CURRENT BALANCES WITH GROUP COMPANIES
Total E&P Norge AS has different transactions with Group companies. All the transactions, are part of the normal business and with arm's-length prices. Except for the group internal loan described in note 14, the major transactions in 2016 are:
MILLION NOK TYPE SALES COSTS
GROUP COMPANIES Total S.A. Services 616 Total Gas & Power Ltd Sale of Gas 3 033 Total Oil Trading SA Sale of Oil/ NGL 14 475
MILLION NOK 2016 2015
RECEIVABLES Intercompany customers 1 603 1 389 Total 1 603 1 389
PAYABLES Intercompany accounts payable 164 32 Total 164 32
The cash deposit is integrated into a group cash pooling agreement.
13 EQUITY
SHARE SHARE RETAINED MILLION NOK CAPITAL PREMIUM EARNINGS TOTAL
Equity at 31.12.2015 4 201 2 340 12 339 18 880 Net income 0 0 2 297 2 297 Dividend 0 0 (4 000) (4 000) Changes in actuarial assumptions for pensions 0 0 (23) (23) Equity at 31.12.16 4 201 2 340 10 613 17 154
At 31.12.16 Total E&P Norge AS was a wholly owned subsidiary of Total Holding Europe S.A.S a company in the Total Group. The consolidated accounts of Total S.A. are available on www.TOTAL.com. Share capital consist of 4 201 000 shares of NOK 1 000.
23 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
14 OTHER LONG-TERM LIABILITIES
LONG-TERM LOANS FROM ASSOCIATED COMPANIES LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS Two new unsecured intercompany financing tools were signed in May The Company has a syndicated long term loan agreement of NOK 2015 with Total Treasury maturing in December 2019; 8000 million signed in May 2015 for 4 years. This loan is based on a one term loan for the amount of NOK 22 000 million and one revolving floating market rate. credit facility for the maximum amount of NOK 5 000 million. At year end 2016 the term loan is fully drawn, and there is an undrawn funding LONG-TERM LOANS FROM OTHER COMPANIES capacity of NOK 4 000 million related to the revolving credit facility. As of 31 December 2016, the long-term loans from other companies is The interest rate applicable on the long-term loans from associated linked to the booked financial leasing commitment. companies are based on a floating market rate.
MILLION NOK 1 YEAR 2 - 5 YEARS 5 YEARS +
Long term debt related to leasing commitment 173 672 1 492
15 LIABILITIES, LEASE AGREEMENTS AND OTHER COMMITMENTS
EQUIPMENT LEASES vessels and other vessels. Leasing payments for Total E&P Norge AS As operator, the Company has equipment lease rental obligations was in 2016 NOK 3 633 million. Total future leasing costs for covering such operations as drilling rigs and other equipment. The Total E&P Norge AS are NOK 8 380 million. duration periods of these lease agreements are from 1 to 2 years. The rental periods of offices and warehouse buildings have a duration of 3 OTHER COMMITMENTS to 11 years. Total E&P Norge AS has several commitments to purchase goods and The company has also entered into a lease contract for rental of a services in the context of its development of producing facilities. The LNG carrier vessel (charter party) for the transportation of LNG development of the Martin Linge field is implying future commitments production share of the Snøhvit field. The commencement date of this related to several contracts signed for construction and installation of contract is 2006 (ending 2018). facilities for an amount of NOK 4 200 million. As non operating partner As a partner in the fields under development and operation, the the Company also have commitments related to development of Company has leasing agreements for drilling rigs, helicopters, storage different projects for an amount of NOK 500 million.
MILLION NOK 1 YEAR 2-3 YEARS 4-5 YEARS 5 YEARS +
Leasing agreements 2 251 2 869 1 454 1 806
16 OIL AND GAS RESERVES (NOT AUDITED)
The definitions used for proved, proved developed and proved estimates of reserves are not exact measurements and are subject to undeveloped oil and gas reserves are in accordance with the United revision under well-established control procedures. States Securities & Exchange Commission (SEC)’s final rule The estimation of reserves is an ongoing process which is done “Modernization of Oil and Gas Reporting” issued on December 31, within Total E&P Norge by experienced geoscientists, engineers and 2008. Proved reserves are estimated using geological and economists under the supervision of the Company’s General engineering data to determine with reasonable certainty whether Management. Persons involved in reserves evaluation are trained to the crude oil or natural gas in known reservoirs is recoverable under follow SEC-compliant internal guidelines and policies regarding existing regulatory, economic and operating conditions. criteria that must be met before reserves can be considered as Oil and gas reserves are assessed annually, taking into account, proved. among other factors, levels of production, field reassessment, The estimation of proved reserves is controlled by the Group additional reserves from discoveries and acquisitions, disposal of through established validation guidelines. For further description of reserves and other economic factors. the Group’s internal control process, please refer to the Reference This process involves making subjective judgments. Consequently, Document issued by Total S.A. and available at www.total.com.
OIL, NGL AND CONDENSATE NATURAL GAS OIL EQUIVALENTS RESERVES 31.12.2016 (MILLIONS OF BBLS) (BILLIONS OF SM3) (MILLIONS OF BBLS)
Proven, developed and undeveloped reserves 332 74 816
24 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
17 LICENCE PORTFOLIO 12.01.2017
LICENSE BLOCK FIELD SHARE EXPIRY DATE OPERATOR
PL 006 2/5 Tor - Comet 100,00 31.12.2028 Total PL 018B Albuskjell - Deep Albuskjell South 39,90 31.12.2028 ConocoPhillips PL 018 2/4, 2/7, 7/11 Ekofisk,Eldfisk,Embla-Deep Ekof,Deep Cod 39,90 31.12.2028 ConocoPhillips PL 026 25/2 Rind 62,13 23.05.2025 Total PL 029C Gina Krog 33,15 31.12.2032 Total PL 034 30/05 Tune 10,00 14.11.2020 Statoil PL 036 BS 25/4 Heimdal 16,76 11.06.2021 Statoil PL 040 29/9, 30/7 Martin Linge 51,00 31.12.2027 Total PL 043 29/6, 30/4 Martin Linge 51,00 31.12.2027 Total PL 043BS (Islay Carve-out) 29/6, 30/4 Martin Linge 51,00 31.12.2027 Total PL 043CS (Islay Carve-out) 29/6 Islay 100,00 31.12.2027 Total PL 043DS (Islay Carve-out) 29/6 Islay 100,00 31.12.2027 Total PL 044 1/9 Tommeliten - TL Gamma Deep 15,00 31.12.2028 ConocoPhillips PL 044B 1/9, 2/7 Tommeliten - Landegode 15,00 07.02.2022 ConocoPhillips PL 044C 1/9 Tommeliten - Landegode 15,00 07.02.2022 ConocoPhillips PL 048 15/5 Gina Krog 21,80 31.12.2032 Statoil PL 053 30/6 Oseberg Øst 14,70 01.03.2031 Statoil PL 054 31/2 Troll 3,69 30.09.2030 Statoil PL 055C 31/4 Oseberg Øst 14,70 01.03.2031 Statoil PL 062 6507/11 Åsgard 24,50 10.04.2027 Statoil PL 064 7120/08 Snøhvit 5,00 01.10.2035 Statoil PL 073 6407/01 Tyrihans 29,14 31.12.2029 Statoil PL 073B 6406/03 Tyrihans 26,67 31.12.2029 Statoil PL 077 7120/7 Snøhvit 10,00 01.10.2035 Statoil PL 078 7120/9 Snøhvit 25,00 01.10.2035 Statoil PL 079 30/9 Oseberg Sør 14,70 01.03.2031 Statoil PL 085B 31/9, 32/4 Troll 3,00 08.07.2030 Statoil PL 085C Troll 3,69 30.09.2030 Statoil PL 085 31/3 ,31/5, 31/6 Troll 3,69 30.09.2030 Statoil PL 092 6407/6 Mikkel 7,65 09.03.2020 Statoil PL 094B 6406/3 Åsgard 7,68 10.04.2027 Statoil PL 094 6506/12 Åsgard 9,80 10.04.2027 Statoil PL 099 7121/4 Snøhvit 37,50 01.10.2035 Statoil PL 100 7121/7 Albatross 35,00 01.10.2035 Statoil PL 102 25/5 Skirne & Byggve 40,00 01.03.2025 Total PL 102C 25/5 Atla, Tir etc 40,00 01.03.2025 Total PL 102D 25/5 Greip 40,00 01.03.2025 Total PL 102E 25/5 Skirne extension 40,00 01.03.2025 Total PL 102F 25/6 Trell / Angeya 40,00 01.03.2025 Total PL 102G 25/7 Trell / Angeya 40,00 01.03.2025 Total PL 104 30/9 Oseberg Sør 14,70 01.03.2031 Statoil PL 104B 30/9 Oseberg Sør 14,70 01.03.2031 Statoil PL 110 7120/5 ,7121/5 ,7121/5 Snøhvit 25,00 01.10.2035 Statoil PL 110B 7121/6, 8&9,7122/4, 5&6 Tornerose 18,40 17.12.2014 Statoil PL 120 34/7, 34/8 Visund - Tarvos - Laptus 11,00 23.08.2034 Statoil PL 120B 34/7, 34/8 Gimle 11,00 23.08.2034 Statoil PL 121 6407/5 Mikkel 7,65 28.02.2022 Statoil PL 127 6607/12 Alve North 50,00 28.02.2023 Total
25 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | NOTES
17 LICENCE PORTFOLIO 12.01.2017 (CONTINUED)
LICENSE BLOCK FIELD SHARE EXPIRY DATE OPERATOR
PL 127B 6607/12 Brugden 50,00 06.02.2022 Total PL 134D 6506/12 Kristin 6,00 10.04.2027 Statoil PL 134 6506/11 Åsgard 10,00 10.04.2027 Statoil PL 146 2/4 King Lear, Romeo, Julius 22,20 08.07.2027 Statoil PL 171B 30/12 Oseberg Sør 14,70 01.03.2031 Statoil PL 190 30/8 Tune - Nautilus 10,00 10.09.2032 Statoil PL 193 34/11 Kvitebjørn 5,00 10.09.2031 Statoil PL 193C 34/11 Kvitebjørn 5,00 10.09.2031 Statoil PL 193E Kvitebjørn 5,00 10.09.2031 Statoil PL 199 6406/2 Kristin (Ragnfrid Prospect) 6,00 10.09.2033 Statoil PL 211 6506/6, 6507/4 Victoria 40,00 02.02.2032 Total PL 211B 6506/9, 6507/7 Victoria extension 40,00 02.02.2032 Total PL 219 6710/06 Castor prospect 15,00 02.02.2014 Statoil PL 237 6407/03 Åsgard 7,68 10.04.2027 Statoil PL 255 6406/5, 6406/6, 6406/9 Linnorm 20,00 12.05.2038 Shell PL255B 6406/5, 6406/6 Tott West 40,00 12.05.2038 Total PL 257 6406/1,6406/5 Erlend 6,00 10.09.2033 Statoil PL 263C 6507/11 Yttergryta ext. 24,50 12.05.2037 Statoil PL 275 2/4 West Tor 39,90 31.12.2028 ConocoPhillips PL 333 2/4 King Lear N, Julius N Prospects 22,20 08.07.2027 Statoil PL 333B 2/4 Timon 22,20 08.07.2027 Statoil PL 448 7120/7, 7120/8, 7120/9 Snøhvit 18,40 15.06.2016 Statoil PL 479 6506/9, 6506/12 Smørbukk North prospect 9,80 01.03.2017 Statoil PL 554 34/6 Garantiana - Uptonia 40,00 19.02.2018 Total PL 554B 34/9 Garantiana - Angulata 40,00 19.02.2018 Total PL 554C Garantiana - Amaltheus 40,00 19.02.2018 Total PL 618 1/2, 1/3, 1/5, 1/6, 1/9 Solaris prospect 60,00 03.02.2019 Total PL 627 25/5, 25/6, 25/8, 25/9 Skirne East - Gabba - Eistla - Ulfrun 40,00 03.02.2021 Total PL 627B 25/6 Skirne East 40,00 03.02.2021 Total PL 662 2/4 NEF - North Ekofisk 60,00 08.02.2022 Total PL 685 34/6, 35/1, 35/4 Tannat - Cargnan 40,00 08.08.2021 Total PL 760 6607/11 & 12 Alve North Area 50,00 07.02.2021 Total PL 760B 6607/12 Alve North Area 50,00 07.02.2021 Total PL 760C Alve North Area 50,00 07.02.2021 Total PL 772 2/1, 2/2 Othello 50,00 06.02.2022 Statoil PL 785S 31/11 & 26/2 Brunost 60,00 06.02.2021 Total PL 795 6406/7,8,10,11 Phoenix 40,00 06.02.2023 Total PL809 1/3, 2/1 Færing 50,00 05.02.2023 Total PL813 15/5, 15/6 Elli 15,00 05.02.2020 Statoil
26 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | AUDITOR'S REPORT
AUDITOR´S REPORT
27 ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | AUDITOR'S REPORT
AUDITOR´S REPORT (CONTINUED)
TOTAL E&P NORWAY ANNUAL REPORT 2016 Design: Hey-Ho Let's Go | Photo: page 4. 5 og 6 Woldcam/Total E&P Norway, page 16 Ben Weller/Total E&P Norway Paper: Soporset | Circulation: 500 | Print: KaiHansen 28 TOTAL E&P NORGE OWNERSHIP IN FIELDS IN PRODUCTION
TOTAL E&P NORGE AND MAIN OPERATED PRODUCTION LICENCES OWNERSHIP IN FIELDS IN PRODUCTIONON THE NORWEGIAN CONTINENTAL SHELF AND MAIN OPERATED PRODUCTIONAT 01.04.201 LICENCES7 ON THE NORWEGIAN CONTINENTAL SHELF AT 01.04.2017 FIELDS IN PRODUCTION SHARE ( %) OPERATOR FIELDS IN PRODUCTION SHARE ( %) OPERATOR BARENTS SEA FIELDS IN PRODUCTION SHARE ( %) OPERATOR FIELDS IN PRODUCTION SHARE ( %) OPERATOR • ATLA 40.00 TOTAL E&P NORGE • SKIRNE BARENTS40.00 SEA TOTAL E&P NORGE • ATLA 40.00 TOTAL E&P NORGE • EKOFISK• SKIRNE 39.9040.00 TOTALCONOCOPHILLIP E&P NORGE S • SNØHVIT 18.40 STATOIL • EKOFISK 39.90 CONOCOPHILLIPS • SNØHVIT 18.40 STATOIL ELDFISK 39.90 CONOCOPHILLIPS TROLL 3.69 STATOIL PL710 • ELDFISK 39.90 CONOCOPHILLIPS • • TROLL 3.69 STATOIL • PL710 BARENTS SEA • EMBLA 39.90 CONOCOPHILLIPS • EMBLA• TUNE 39.9010.00 STATOILCONOCOPHILLIPS • TUNE 10.00 STATOIL • GIMLE 4.90 STATOIL • TYRIHANS 23.18 STATOIL • GIMLE 4.90 STATOIL • TYRIHANS SNØHVIT 23.18 STATOIL • ISLAY 100.00* TOTAL E&P NORGE • VISUND 7.70 STATOIL SNØHVIT • KRISTIN 6.00 STATOIL • ISLAY• VISUND SOUTH 100.00*7.70 STATOILTOTAL E&P NORGE • VISUND 7.70 STATOIL KVITEBJØRN 5.00 STATOIL TOTAL• ÅSGARD E&P NORGE 7.68 STATOIL • • KRISTIN 6.00 STATOIL • VISUND SOUTH 7.70SNØHVI T STATOIL • MIKKEL 7.65 STATOIL O•WNERSHIPKVITEBJØRN IN FIELDS5.00 IN PRODUCTIONSTATOIL • ÅSGARD 7.68 HAMMERSTATOIL- • OSEBERG 14.70 STATOIL FEST MIKKEL 7.65 STATOIL • OSEBERG EAST 14.70 STATOIL AND• MAIN OPERATED PRODUCTION LICENCES HAMMER- • OSEBERG SOUTH 14.70 STATOIL HAMMER- • OSEBERG 14.70 STATOIL FEST FEST *NORWEGIAN SHARE (5.51% OF THE TOTAL FIELD) ON THE NORWEGIAN CONTINENTAL SHELF OSEBERG EAST 14.70 STATOIL AT• 01.04.2017 TOTAL E&P NORGE OPERATED FIELDS • OSEBERG SOUTH 14.70 STATOIL TROMSØ TOTAL E&P NORGE OPERATED LICENCES *NORWEGIAN SHARE (5.51% OF THE TOTAL FIELD) TOTAL E&P NORGE PARTNER OPERATED FIELDS FIELDS IN PRODUCTION SHARE ( %) OPERATOR FIELDS IN PRODUCTION SHARE ( %) OPERATOR TROMSØ BARENTS SEA ATLATOTAL E&P NORGE OP40.00ERATED FIELTOTALDS E&P NORGE SKIRNE 40.00 TOTAL E&P NORGE • • TROMSØ HARSTAD • EKOFISKTOTAL E&P NORGE OP39.90ERAT ED LICECONOCOPHILLIPNCES S • SNØHVIT 18.40 STATOIL • ELDFISK 39.90 CONOCOPHILLIPS • TROLL 3.69 STATOIL PL710 TOTAL E&P NORGE PARTNER OPERATED FIELDS HARSTAD • EMBLA 39.90 CONOCOPHILLIPS • TUNE 10.00 STATOIL • GIMLE 4.90 STATOIL • TYRIHANS 23.18 STATOIL SNØHVIT • ISLAY 100.00* TOTAL E&P NORGE • VISUND 7.70 STATOIL • KRISTIN 6.00 STATOIL • VISUND SOUTH 7.70 STATOILTOTAL E&P NORGE HARSTAD • KVITEBJØRN 5.00 STATOIL • ÅSGARD 7.68 STATOILOWNERSHIP IN FIELDS IN PRODUCTION • MIKKEL 7.65 STATOIL AND MAIN OPERATED PRODUCTION LICENCES HAMMER- • OSEBERG 14.70 STATOIL FEST • OSEBERG EAST 14.70 STATOIL ON THE NORWEGIAN CONTINENTAL SHELF • OSEBERG SOUTH 14.70 STATOIL AT 01.04.2017 *NORWEGIAN SHARE (5.51% OF THE NORWEGIANTOTAL FIELD) SEA
NORWEGIAN SEA TOTFIELDS INAL PRODUC E&PTION NORGESHARE ( %) OPERATOR FIELDS IN PRODUCTION SHARE ( %) OPERATOR TOTAL E&P NORGE OPERATED FIELDS BARENTS SEA ALVE NORD (PL127 &PL127B&C) TROMSØ TOTAL E&P NORGE OPERATED LICENCES O• WNERSHIPATLA IN FIELDS40.00 TOTALIN PRODUCTIONE&P NORGE • SKIRNE 40.00 TOTAL E&P NORGE ALVE NORD (PL127 &PL127B&C) • EKOFISK 39.90 CONOCOPHILLIPS • SNØHVIT 18.40 STATOIL TOTAL E&P NORGE PARTNER OPERATEDVICTORIA FIELDS (PL211) AND MAIN OPERATED PRODUCTION LICENCES TOTTOTAL ALE&P E&P NORGE NORGE • ELDFISK 39.90 CONOCOPHILLIPS • TROLL 3.69 STATOIL PL710 VICTORIA (PL211) • EMBLA 39.90 CONOCOPHILLIPS • TUNE 10.00 STATOIL ÅSGARD ON THE NORWEGIAN CONTINENTAL SHELF OWNERSHIPOWNERSHIP IN FIELDSIN FIELDS IN PRODUCTIONIN PRODUCTIONAT• 01.04.201GIMLE 7 4.90 STATOIL • TYRIHANS 23.18 STATOIL KRISTIN HARSTAD SNØHVIT ÅSGARD ANDAND MAIN MAIN OPERA OPERATEDTED PRODUCTION PRODUCTION LICENCES •LICENCESISLAY 100.00* TOTAL E&P NORGE • VISUND 7.70 STATOIL KRISTIN TYRIHANS • KRISTIN 6.00 STATOIL • VISUND SOUTH 7.70 STATOIL MIKKEL FIELDS IN PRODUCTION SHARE ( %) OPERATOR FIELDS IN PRODUCTION SHARE ( %) OPERATOR TYRIONHANS ON THE THE NORWE NORWEGIANGIAN CONTINENT CONTINENTAL ALSHELF •SHELFKVITEBJØRN 5.00 STATOIL • ÅSGARD 7.68 STATOIL BARENTS SEA PL255B&C NORWEGIAN SEA ATMIKK 01.04.201ELAT 01.04.2017 7 MIKKEL 7.65 STATOIL PHOENIX (PL795) • ATLA 40.00 TOTAL E&P NORGE • SKIRNE 40.00 TOTAL E&P NORGE HAMMER- PL255B&C • OSEBERG 14.70 STATOIL FEST PHOENIX (PL795) • EKOFISK 39.90 CONOCOPHILLIPS • SNØHVIT 18.40 STATOIL • OSEBERG EAST 14.70 STATOIL PL710 FIELDSFI INEL DSPR ODUCIN PRODUCTION TIONSHARESH ( %)ARE ( %)OPERATOPORERATOR FIELDSFI• INEL DSPRELDFISK ODUCIN PR ODUCTIONALVETION NORD SH(PL127AR39.90ESH ( %)AR &PL127B&CE ( %)OPCONOCOPHILLIPERATOP) ORERATORS • TROLL 3.69 STATOIL BARENTSBARENTS SEA SEA • OSEBERGEMBLA SOUTH 14.7039.90 STATOILCONOCOPHILLIPS • TUNE 10.00 STATOIL *NORWEGIAN SHARE (5.51% OF THE TOTAL FIELD) • ATLA• ATLA 40.00 40.00 TOTALTOTAL E&P NORGE E&P NORGE • SKIRNE• GIMLESKIRNE 40.004.90 40.00 TOTALSTATOILTOTAL E&P NORGE E&P NORGE • TYRIHANS 23.18 STATOIL TRONDHEIM SNØHVIT • EKOFISK• EKOFISK 39.90 39.90 CONOCOPHILLIPCONOCOPHILLIPS S • SNØHVIT• ISLAYSNØHVIT 100.00*18.40 18.40 STATOILTOTALSTATOIL E&P NORGE • VISUND 7.70 STATOIL TRONDHEIM TOTVICTORIAAL E&P NOR (GEPL21 OP1ER) ATED FIELDS PL710 PL710 • ELDFISK• ELDFISK 39.90 39.90 CONOCOPHILLIPCONOCOPHILLIPS S • TROLL• KRISTINTROLL 3.696.00 3.69 STATOILSTATOILSTATOIL • VISUND SOUTH 7.70 STATOIL TROMSØ TOTAL E&P NORGE OPERATED LICENCES • EMBLA• EMBLA 39.90 39.90 CONOCOPHILLIPCONOCOPHILLIPS S • TUNE• KVITEBJØRNTUNE 10.005.00 10.00 STATOILSTATOILSTATOIL • ÅSGARD 7.68 STATOIL • GIMLE• GIMLE 4.90 4.90 STATOILSTATOIL • TYRIHANS•ÅSTOTMIKKELTYRIHANSGARDAL E& P NORGE PARTNER23.18 OP7.65ER 23.18 ATED FISTATOILSTATOILELDSSTATOIL • SNØHVISNT ØHVIT HAMMER- • ISLAY• ISLAY 100.00*100.00* TOTALTOTAL E&P NORGE E&P NORGE • VISUND• VISUND 7.70 7.70 STATOILSTATOIL KRISTIN • OSEBERG 14.70 STATOIL FEST • KRISTIN• KRISTIN 6.00NORWEGIAN 6.00 STATOILSTATOIL SEA • VISUND• OSEBERGVISUND SOUTH SOUTH EAST 14.707.70 7.70 STATOILSTATOILSTATOIL • HARSTAD KVITEBJØRNKVITEBJØRN 5.00 5.00 STATOILSTATOIL • ÅSGARD• ÅSGARD 7.68 7.68 STATOILSTATOIL • • • OSEBERGTYRIHA SOUTHNS 14.70 STATOIL VISUND • MIKKEL• MIKKEL 7.65 7.65 STATOILSTATOIL *NORWEGIAN SHARE (5.51% OF THE TOTAL FIELD) PL685 & 685B PL685 & 685B HAMMERHAMMER- - VISUND ALVE NORD (PL127 &PL127B&CMIKK) EL PL554 & 554B&C PL554 & 554B&C • OSEBERG• OSEBERG 14.70 14.70 STATOILSTATOIL FEST FEST PL255B&C TOTAL E&P NORGE OPERATED FIELDS • OSEBERG• OSEBERG EAST EAST 14.70 14.70 STATOILSTATOIL TROMSØ GIMLE TOTALPHOENIX E&P NORGE (PL795) • OSEBERG• OSEBERG SOUTH SOUTH 14.70 14.70 STATOILSTATOIL TOTAL E&P NORGE OPERATED LICENCES KVITEBJØRN GIMLE VICTORIAOWNERSHIP (PL211) (NOT SHOWN ON MAP) SHARE (%)OPERATOR *NORWE*GINORANWE SHARGIANE (5 SHAR.51% OFE (5 TH.51%E TOTOF THALE FI TOTELD)AL FIELD) KVITEBJØRN TROLL TOTAL E&P NORGE PARTNER OPERATED FIELDS MARTIN LINGE* TROLL MARTIN LINGE* PIPELINES TOTALTOT E&PAL NOR E&PGE NOR OPGEER ATOPEDER FIATELEDDS FIELDS ÅSGARD ISLAY GAS TROMSØTROMSØ ISLAYOSEBERG TUNE OSEBERGBERGEN TOTALTOT E&PAL NOR E&PGE NOR OPGEER ATOPEDERKR LIATCEISEDTINC NLIESCENCES HARSTAD TUNE BERGEN POLARLED 5.11 GASSCO (From 01-05-2017) PL785S TOTALTOT E&PAL NOR E&PGE NOR PAGERT NEPARRT OPNEERR ATOPEDER FIATELEDDS FIELDS OIL PL785S TYRIHANS NORPIPE OIL34.93 CONOCOPHILLIPS ATLA OSLO MIKKEL TRONDHEIM ATLA OSLO OSEBERG TRANSPORT SYSTEM 12.98STATOIL PETROLEUM AS PL627 & 627B PL255B&C PL627 & 627B HARSTADHARSTAD PHOENIX (PL795) TROLL OIL PIPELINE I3.71STATOIL PETROLEUM AS NORWEGIAN SEA SKIRNE SKIRNE HEIMDAL HUB HEIMDAL HUB TROLL OIL PIPELINE II 3.71 STATOIL PETROLEUM AS KVITEBJØRN OIL PIPELINE 10.00STATOIL PETROLEUM AS STAVANGER STAVANGER ALVE NORD (PL127 &PL127B&C) PL813 PLANTS / TERMINALS GINA KROG GINA KROG ( ) GAS TRONDHEIM VICTORIA PL211 ETZEL GAS LAGER (ETZEL)1.08STATOIL PETROLEUM AS ÅSGARD ST. FERGUS ST. FERGUS OIL KRISTIN STURE 12.98STATOIL PETROLEUM AS NORTH SEA NORTH SEA VISUND NORWEGIAN SEA ABERDEEN PL685 & 685B ABERDEEN VESTPROSESS (MONGSTAD) 5.00STATOIL PETROLEUM AS TYRIHANS PL554 & 554B&C MIKKEL PL255B&C ALVE NORD (PL127 &PL127B&C) PHOENIX (PL795) TOTAL E&P NORGE GIMLE NORWEGIANNORWEGIAN SEA SEA EKOFISK OWNERSHIP (NOT SHOWN ON MAP) SHARE (%)OPERATOR EKOFISK KVITEBJØRN VICTORIA (PL211) PL618 ELDFISK VISUND PL618 ELDFISK PL685 & 685B PL662/772/809 TROLL PL662/772/809 MARTIN LINGE* ALVE NORDALVE (PL127NORD (PL127 &PL127B&C &PL127B&C) ) PL554 & 554B&C ÅSGARD PIPELINES 29 ISLAY KRISTIN TRONDHEIM GIMLE OSEBERG TOTAL E&P NORGE GAS VICTORIAVICTORIA (PL211 ()PL211) *FORMERLY HILD KVITEBTUJØRNNE OWNERSHIP (NOT SHOWN ON MAP) TYRIHANSSHARE (%)OPERATOR *FORMERLY HILD BERGEN POLARLED 5.11 GASSCO (From 01-05-2017) TROLL MIKKEL MARTIN LINGE* ÅSGARDÅSGARD PL785S PIPELINES PL255B&C OIL ISLAY KRISTINKRISTIN PHOENIX (PL795) OSEBERG GAS NORPIPE OIL34.93 CONOCOPHILLIPS TUNE ATLA OSLO BERGEN TYRIHATYNSRIHANS POLARLED 5.11 GASSCO (From 01-05-2017) OSEBERG TRANSPORT SYSTEM 12.98STATOIL PETROLEUM AS PL785S PL627 & 627B MIKKELMIKKEL OIL PL255B&CPL255B&C NORPIPE OIL34.93TROLL OILC ONOPIPELINECOPHIL I3LIPS .71STATOIL PETROLEUM AS SKIRNE OSLO PHOENIXPHOENIX (PL795) (PL795) VISUND ATLA PL685 & 685B HEIMDAL HUB OSEBERG TRANSPORT SYSTEM 12.9TR8SOLLTRONDHEIM OILTA PIPELINETOIL PETROLEUM II AS 3.71 STATOIL PETROLEUM AS PL627 & 627B PL554 & 554B&C TROLL OIL PIPELINE I3.7KVITEBJØRN1STATO OILIL PETROLEUM PIPELINE AS 10.00STATOIL PETROLEUM AS SKIRNE GIMLE TOTAL E&P NORGE HEIMDAL HUB STAVANGER KVITEBJØRNTROLL OIL PIPELINE II 3.71 STATOIL PETROLEUM AS OWNERSHIP (NOT SHOWN ON MAP) SHARE (%)OPERATOR PL813 TROLL KVITEBJØRN OIL PIPELINE 10.00STATOIL PETROLEUM AS STAVANGER MARTIN LINGE*TRONDHEIMTRONDHEIM PIPELINES GINA KROG PLANTS / TERMINALS PL813 ISLAY OSEBERG GAS TUNE PLANTS / TERMINALS GAS GINA KROG BERGEN POLARLED 5.11 GASSCO (From 01-05-2017) PL785SGAS ETZEL GAS LAGER (ETZEL)1.08SOITAL TOIL PETROLEUM AS VISUND PL685 & 685B ETZEL GAS LAGER (ETZEL)1.08STATOOSLOIL PETROLEUM AS NORPIPE OIL34.93 CONOCOPHILLIPS ST. FERGUS ATLA PL554 & 554B&C OIL OIL OSEBERG TRANSPORT SYSTEM 12.98STATOIL PETROLEUM AS ST. FERGUS PL627 & 627B STURE 12.98STATOIL PETROLEUM AS GIMLE TOTALTROL E&PL OI LNORGE PIPELINE I3.71STATOIL PETROLEUM AS NORTH SEA SKIRNE STURE 12.98STATOIL PETROLEUM AS ABERDEEN NORTH SEA OWNERSHIP (NOT SHOWN ON MAP) SHARE (%)OPERATOR HEIMDAL HUB KVITEBJØRN VESTPROSESS (MONGSTAD) 5.00STRTAOLLTO OILIL PIPELINE PETROLEUM II AS 3.71 STATOIL PETROLEUM AS ABERDEEN VISUNDVISUND VESTPROSESS (MONGSTAD) 5.00STATOIL PETROLEUM AS PL685 PL685& 685B & 685B TROLL MARTIN LINGE* KVITEBJØRN OIL PIPELINE 10.00STATOIL PETROLEUM AS PL554 &PL554 554B&C & 554B&C STAVANGER PIPELINES ISLAY PL813 OSEBERG GAS GIMLE GIMLE TOTALTOTAL E&P NORGE E&P NORGE TUNE BERGEN GINA KROG PLANTSPOLARLED / TERMINALS 5.11 GASSCO (From 01-05-2017) KVITEBKVJØRNITEBJØRN OWNERSHIPOWNERSHIP (NOT SHOW(NOTN ONSHOW MANP) ON MAP) SHARESHARE (%)O (%)OPERATORPERATOR PL785S GAS TROLL TROLL OIL EKOFISK MARTINM LINGE*ARTIN LINGE* PIPELINESPIPELINES ETNORZEPIL GAPE OIS LAL3GER (ETZEL)14.93.08SCTAONOTOCOIL PETROLEUMPHILLIPS AS EKOFISK ATLA OSLO PL618 ELDFISK ISLAY ISLAY ST. FERGUS GAS GAS OIOSLEBERG TRANSPORT SYSTEM 12.98STATOIL PETROLEUM AS PL662/772/809 OSEBEROSG EBERG PL627 & 627B PL618 ELDFISK TUNE TUNE BERGENBERGEN POLARLEDPOLARLED 5.11 5.11 GASSCGASSCO (FromO 01-05-2017 (From 01-05-2017) STTR) UROLEL OIL PIPELINE I312.9.78S1STATOIL PETROLEUM AS PL662/772/809 SKIRNENORTH SEA ABERDEENPL785SPL785S HEIMDAL HUB OIL OIL VESTPRTROLL OIOSESL PIPELINES (MON IIGSTAD) 5.03.710SSTTAATTOOIILL PETROLEUM AS NORPIPENOR OIPIL3PE OIL34.93 4.93 CONOCOCONOPHILCOLIPSPHILLIPS ATLA ATLA OSLOOSLO KVITEBJØRN OIL PIPELINE 10.00STATOIL PETROLEUM AS STAVANGER *FORMERLY HILD OSEBEROSG EBERTRANGSP TRORANTSP SYSTEMORT SYSTEM 12.98S12.98STATOILTA PETROLEUMTOIL PETROLEUM AS AS PL627 PL627& 627B & 627B PL813 TROLLTR OIOLL PIPELINEL OIL PIPELINE I3 I3.71S.71STATOILTA PETROLEUMTOIL PETROLEUM AS PLANTS AS / TERMINALS *FORMERLY HILD SKIRNESKIRNE GINA KROG HEIMDAHEIML HUDAB L HUB EKOFISK TROLLTR OIOLL PIPELINEL OIL PIPELINE II II 3.71 3.71 STATOISTL PETROLEUMATOIL PETROLEUM AS ASGAS PL618 ELDFISK KVITEBJØRNKVITEBJØRN OIL PIPELINE OIL PIPELINE 10.00S10.00STATOILTA PETROLEUMTOIL PETROLEUM AS ASETZEL GAS LAGER (ETZEL)1.08STATOIL PETROLEUM AS STAVANGERSTAVANGER PL662/772/809 PL813 PL813 ST. FERGUS OIL PLANTSPLANTS / TERMINALS / TERMINALS STURE 12.98STATOIL PETROLEUM AS GINA KROGINAG KROG NORTH SEA ABERDEEN GAS GAS VESTPROSESS (MONGSTAD) 5.00STATOIL PETROLEUM AS *FORMERLY HILD ETZEL ETGAZES LAL GAGESR LA GE(ERTZ EL(E)1TZEL)1.08S.08STATOILTA PETROLEUMTOIL PETROLEUM AS AS ST. FERGUSST. FERGUS OIL OIL STURE ST URE 12.98S12.98STATOILTA PETROLEUMTOIL PETROLEUM AS AS NORTHNORTH SEA SEA ABERDEENABERDEEN EKOFISK VESTPRVESTPROSESS OSES (MONS GS(MTAOND)GSTAD) 5.00S5.00STATOILTA PETROLEUMTOIL PETROLEUM AS AS PL618 ELDFISK PL662/772/809
EKOFISKEKOFISK PL618 PL618 ELDFIS*FORMERLKELDFISY HILDK PL662/772/809PL662/772/809
*FORMERL*FOY RMHILDERLY HILD ANNUAL REPORT 2016 | TOTAL E&P NORGE AS | MANAGEMENT STRUCTURE
MANAGEMENT STRUCTURE
MANAGING DIRECTOR P BANG
HSE TECHNICAL EAC DIRECTOR EXPLORATION MANAGER T BERGAN (PARIS) T BØ
CORPORATE FINANCE/ AFFAIRS TAX/IT W SANDSUNDET- F LJONES HANSSEN
LEGAL A JØRGENSEN
EXPLORATION GEOSCIENCES MARTIN LINGE OPERATIONS & PROJECT PROJECTS P SEXTON T BOGNØ N CAMBEFORT M BORTHNE
COMMERCIAL PARTNER MARKETING & OPERATED TRANSPORTATION O DALLAND ASSETS & K SKOFTELAND DEV. STUDIES P CHARBONNEL
30 STAVANGER OSLO HARSTAD (MAIN OFFICE)
TOTAL E&P NORGE AS TOTAL E&P NORGE AS TOTAL E&P NORGE AS
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