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Total E&P Norge AS 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.
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