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Sub-Saharan Africa

February 2011

A review of Sub-Saharan Africa in 2010


Executive Summary
Wood Mackenzie has reviewed exploration, production and reserves for Sub-Saharan Africa in 2010. We estimate that 3.5 billion boe of reserves were discovered in 2010, a 33% increase from 2009. Around 60% of the reserves discovered was gas, and 97% of the total reserves were in deep water. Offshore East Africa emerged as a new frontier exploration province as nearly half of the reserves were discovered in the deepwater Rovuma Basin of Mozambique. E&A well completions fell 14% to 114, and exploration success rates fell to 34%. But reserves discovered per well nearly doubled to 45 mmboe reflecting the large discovery sizes in East Africa. Liquids production was six million barrels per day, up 4.5% on 2009. Forty percent of this was from deep water. Total gas production was 4,500 mmcfd, up 6% from last year. In both cases, improved security in Nigeria was a major factor.

A review of Sub-Saharan Africa in 2010

Licensing
In Sub-Saharan Africa 35 exploration licences were awarded in 2010, compared to 49 in 2009. (Please refer to Appendix A). Fifty-three companies participated in the licences, and seven became first-time operators. These were Caprikat, Cobalt International, Fenno Caledonian, HRT Oil & gas, Jupiter Petroleum, Star Petroleum and Tap Oil. Cobalt already had a presence in the region after faming into the Diaba Block in Gabon. However, the company was awarded operatorship of Blocks 9 and 21 in Angolas Kwanza Basin. The blocks have pre-salt potential which will be tested this year. Brazils HRT Oil & Gas signed three of the five deepwater blocks awarded in Namibia. Again, pre-salt potential was the main attraction, and the company hopes that its Namibian acreage will have similar prospectivity to Brazils Santos Basin, which holds billion-barrel oil discoveries. The other two blocks were signed by Jupiter Petroleum. The Angolan pre-salt licensing round (please see February 2011 Insight) was invite-only, while the deepwater Gabonese round and the Nigerian marginal fields round were cancelled.
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Exploration acreage awarded in 2010


Onshore 9 Blocks awarded Shelf Deepw ater Acreage (km2) 250,000 200,000 6 150,000 100,000 3 50,000 0 Namibia Ethiopia Sudan South Africa 0 Eq. Guinea Mozambique Cameroon Gabon Tanzania Angola Nigeria Ghana Kenya Acreage (km2)

Source: Wood Mackenzie

Licence acquisitions and farm-ins were evident as companies sought to gain access to emerging plays in East Africa and the West African Transform Margin (WATM). The biggest exploration deal was Afrens acquisition of Black Marlin Energy, which included 12 exploration blocks in Ethiopia, Kenya, Madagascar and the Seychelles. The Democratic Republic of Congo (DRC) awarded a relatively unknown company, Caprikat, blocks l and ll on the highly sought-after Albert Graben bordering Uganda. The blocks were previously disputed by Tullow Oil and PetroSA. Also in the East African Rift valley, Beach Energy had its Lake Tanganyika South licence ratified, following three years of negotiations with the Tanzanian authorities. In the WATM, the only new deepwater licence went to Tap Oil in Ghanas Keta-Togo Basin, near the Togo border. However, the majors still increased their presence along the WATM. Chevron acquired 70% of three deepwater blocks in Liberia, while Total acquired 60% of the CI-100 block in Cote dIvoire, which is adjacent to the highly prospective Deepwater Tano block in Ghana. Nigeria again saw very little activity with only two shallow water blocks awarded to Asher Xino and Essar Exploration. In Gabon, Total revived its interest in onshore exploration by acquiring shares in three under-explored licences in the countrys transition zone.

The countries covered are Angola, Benin, Cameroon, Chad, Central African Republic, Congo, Cte dIvoire, Democratic Republic of Congo, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia Ghana, Guinea, Guinea-Bissau, Guinea Bissau-Senegal JEZ, Kenya, Liberia, Madagascar, Mali, Mauritania, Mozambique, Namibia, Niger, Nigeria, Nigeria-So Tome JDZ, So Tome, Senegal, Seychelles, Sierra Leone, South Africa, Sudan, Tanzania, Togo, Uganda, Western Sahara and Zambia.

DRC

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A review of Sub-Saharan Africa in 2010


Interest in South Africas onshore unconventional shale gas play continued in 2010, with four licences signed. The most significant was Sasol signing a Technical Cooperative Permit (TCP) in the Karoo Basin. The giant 106,000 square kilometre licence follows similar awards to Shell and Falcon Oil in 2009. In Mozambique, the licence for the onshore Area A was finally signed after its award to Sasol in 2008. The fourth licensing round in Mozambique was concluded and negotiations for the only block awarded are ongoing with DNO. Two European companies, Fenno Caledonian and Star Petroleum, signed a licence each in Sudan after a long hiatus due to international pressure and US economic sanctions. Their entry ahead of the countrys official split signals renewed interest in Sudan and a shift in international perceptions.

Exploration & Appraisal Activity


In 2010, the effects of the financial crisis continued as companies trimmed exploration budgets, and focussed on existing portfolios and meeting their commitments. 114 exploration and appraisal (E&A) wells were completed in the region. Although this is 14% fewer compared to 2009, the level remains slightly above the ten-year regional average. Angola and Gabon lead the way in E&A drilling, while the near standstill in Nigerian activity continued as the country faced the same problems in 2009: the failure to pass the Petroleum Industry Bill which would clarify the fiscal terms, particularly for deep water. Exploration continued on the WATM as operators looked to build on the Cretaceous successes in Ghana. However, it continued to tease operators with a mixture of significant finds some of the biggest in the year - and disappointing dry holes. The year was notable for the number of wells drilled across East Africa. The first deepwater wells were drilled in the Rovuma Basin in Mozambique, opening up an East African deepwater play. In Uganda, appraisal of the Albert Basin continued while drilling resumed in Kenya after a three-year hiatus.

E&A completions by country in 2010*


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Exploration success & reserves per well (2001-2010)*


Reserves per w ell (mmboe) 70 Success Rate (%) 60% 50% 40% 30% 30 20 10 0
20 08 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 09 20 10

20 E&A wells completed 15 10 5 0 Mozambique Cameroon Tanzania Ghana Uganda Nigeria Gabon Congo Angola

60 Reserves per well (mmboe) 50 40

20% 10% 0%

Nigeria/Sao Tome

DRC

Eq. Guinea

Cote d'Ivoire

Sierra Leone

Source: Wood Mackenzie

Madagascar

Mauritania

Kenya

Source: Wood Mackenzie

*Angola data is from the Ministry of Petroleum 2010 review. Not all of these wells are included in PathFinder. Sudan is excluded due to incomplete data.
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*Sudan is excluded due to incomplete data.

The exploration success rate fell for the second consecutive year to 36%. This was only the first time success rates fell below 40% since 2001, but came as emerging plays were tested across the region. Forty-five mmboe of discovered reserves per well was higher than the ten-year average of 40 mmboe per well. Large deepwater discoveries in Mozambique contributed heavily to the increase.

Corporate Exploration Review


The most successful explorer in 2010 was Anadarko. It discovered almost 830 mmboe, almost a quarter of the regional total. Its success was in the Rovuma Basin in Mozambique and in Ghana and Sierra Leone. Although multiple tcf of gas were discovered in the Rovuma Basin, only small volumes of oil have been found here. However, the finds have opened up a new play in deepwater East Africa which has long-term LNG potential. In Sierra Leone, Anadarko also discovered the Mercury oil field. This adds to Anadarkos 2009 Venus find and further de-risks the play.

Includes commercial and technical success based exclusively on exploration drilling. Data includes tight holes, therefore figures may increase at a later date.

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Sucess Rate

A review of Sub-Saharan Africa in 2010


ENH (Mozambiques NOC) features well in reserves discovered on account of its 15% interest in Anadarkos Mozambique wells. Tullow Oil continued to be the most active explorer in Sub-Sahara Africa. The company operated 10 wells and participated in another 15. Tullow was focussed mostly on the appraisal of Block 2 in Uganda while it made a further discovery in Block 1. The company also had continuing success in Ghana with the discovery of Owo, (renamed Enyenra) and a successful appraisal of the Tweneboa field on its Deepwater Tano Block. Total working interest reserves 3 discovered amounted to 175 mmboe. Maurel & Prom operated more E&A wells than any other company in 2010 with efforts concentrated in Gabon. However, it only recorded one small discovery in the year.

Top 15 companies by E&A Drilling activity*


25 Number of wells 20 15 10 5 Maurel & Prom GNPC SNPC Sonangol P&P Falcon Oil ENH 0 Tullow Oil Sonangol Sinopec Int'l Sabre O&G Total Eni Anadarko Petrobras Sinopec Statoil 800 700 600 500 400 300 200 100 0

Operated Confirmed Discoveries Source: Wood Mackenzie


*Sudan is excluded due to incomplete data.

Non-Operated Working Interest Reserves (mmboe)

Total participated in 14 E&A wells in the year and recorded seven discoveries. The year ended on a high with discoveries two of its operated wells: Bilondo Marine 2 and 3 in the offshore Moho-Bilondo licence in the Lower Congo Basin. Eni was also successful in 2010, principally in deepwater block 15/06 in Angola. It operated five E&A wells discovering a total of 120 mmboe of net working interest reserves, most in the Cabaca-SE field. It was less successful in Ghana, where its second well on its deepwater South Cape three Points proved to be dry.

Discoveries
Only 25 discoveries were made during 2010 compared with 43 in 2009. However, over 3.5 billion barrels of oil equivalent were discovered, which represents an increase by a third from the year before. Sixty percent of these reserves are gas, which in Sub-Sahara Africa is much more challenging to commercialise. The average discovery size was 141 mmboe, compared to 60 mmboe in 2009. The deepwater sector accounted for 97% of total discovered reserves discovered. The largest finds were gas: Windjammer, Barquentine and Lagosta in Mozambique. The biggest oil finds were Cabaca-SE in Angola and Mercury in Sierra Leone. The Rovuma Basin in Mozambique accounted for nearly half of the total reserves discovered during the year. An outlook for exploration in 2011 is shown in Appendix C.

Excludes appraisal wells

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A review of Sub-Saharan Africa in 2010


Reserves discovered by country and sector
Deepw ater Reserves discovered (mmboe) 1,500 1,200 900 600 300 0 Mozambique Tanzania Uganda Cote d`Ivoire Nigeria Ghana Angola Gabon Congo Sierra Leone Offshore Onshore

Source: Wood Mackenzie

Confirmed discoveries in 2010 ranked by size*


Country Mozambique Mozambique Mozambique Sierra Leone Angola Nigeria Ghana Tanzania Tanzania Nigeria Ghana Angola Mozambique Uganda Congo Congo Angola Gabon Nigeria Congo Angola Gabon Nigeria Cote d`Ivoire Gabon Total Sector Deepwater Deepwater Deepwater Deepwater Deepwater Deepwater Deepwater Deepwater Deepwater Deepwater Deepwater Deepwater Deepwater Onshore Deepwater Deepwater Deepwater Offshore Onshore Deepwater Onshore Onshore Offshore Offshore Offshore Basin Rovuma Basin Rovuma Basin Rovuma Basin Liberia Basin Lower Congo Basin Niger Delta Tano Basin Tanzanian Coastal Tanzanian Coastal Niger Delta Tano Basin Lower Congo Basin Rovuma Basin Albert Graben Lower Congo Basin Lower Congo Basin Lower Congo Basin Gabon Basin Niger Delta Lower Congo Basin Lower Congo Basin Gabon Basin Niger Delta Tano Basin Lower Congo Basin Discovery Well Windjammer-1 Barquentine-1 Lagosta -1 Mercury-1 Cabaca SE-1 Kuyere-1 Owo-1 Chewa-1 Pweza-1 Opuyei-1 Dzata-1 RE Mpungi-1 Ironclad-1 Mpyo-1 Bilondo D Marine-3 Bilondo D Marine-2 Cinguvu-1 Noix de Coco-1 UMU-6 Titane Marine-1 Castanha-1 OMOC N-101 Udele-3 Virgo-1 ETSEM-1 Operator Anadarko Anadarko Anadarko Anadarko Eni ONGC Mittal Tullow Oil Ophir Energy Ophir Energy ONGC Mittal Vanco Eni Anadarko Tullow Oil Total Total Eni Tullow Oil Midwestern O&G Murphy Oil Pluspetrol Maurel & Prom Sinopec Edison Vaalco Result Gas Gas Gas Oil Oil & Gas Oil & Gas Oil Gas Gas Oil Gas/ condensate Oil & Gas Oil & Gas Oil Oil Oil Oil & Gas Gas/ condensate Oil & Gas Oil Oil Oil Oil Gas Oil Reserves Estimates (mmboe) 528 528 528 300 271 201 200 176 176 150 100 66 59 50 50 50 38 10 10 10 10 7 5 5 2 3,531

Source: Wood Mackenzie

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A review of Sub-Saharan Africa in 2010

Liquids production
Total Liquids Production
6,000
2,500

Liquids Production in Nigeria & Angola

'000 b/d

4,000
'000 b/d

2,000

1,500

2,000

1,000

0 2009 Nigeria Equatorial Guinea Chad DRC Ghana Source: Wood Mackenzie Angola Congo Cameroon South Africa Mozambique 2010 Sudan Gabon Cote d`Ivoire Mauritania Uganda

500

0 2009 Nigeria Source: Wood Mackenzie Angola 2010

Nigeria retained its status as the regions top liquids producer, with 2.5 million b/d produced from over 230 fields. Although this is much higher than its reported OPEC quota of 1.7 million b/d, Nigeria classes a sizable percentage of production as NGLs and condensates rather than crude. Most of the observed 265,000 b/d net rise across the region came from Nigeria, where production is directly affected by militant attacks on infrastructure. The observed increase was mostly from the Shell JV where output rebounded from its lowest level since 1968 which was recorded last year. Rising production from the deepwater Agbami and Akpo fields also contributed to the overall increase. Angola produced nearly 1.9 million b/d in 2010 from 74 mostly deepwater fields. Although production was down slightly, it was not constrained by its OPEC quota of 1.65 million b/d.

Liquids production by country excluding Nigeria & Angola

500 400 '000 b/d 300 200 100 0

Eq Su ua da to ria n lG ui ne a C on go G ab on

Source: Wood Mackenzie

Sudan remained Sub-Saharan Africas third biggest liquids producer and averaged 467,000 b/d. Production from Congo (Brazzaville) was 334,000 b/d, up 23% on 2009. This was the biggest percentage increase of any country, and was due to the Azurite Marine and Awa Paloukou fields achieving peak production. Successful application of secondary recovery techniques and intensive management of mature assets in Gabon kept production steady at around 275,000 b/d. Ghana entered the ranks of major oil producers in December when the giant deepwater Jubilee field commenced production.

C ha C am d er C oo ot e d` n Iv oi re So D R ut C h Af ric M au a rit an ia G ha M oz n am a bi qu e U ga nd a
2009 2010
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A review of Sub-Saharan Africa in 2010

Commercial liquids reserves


Total remaining commercial liquids
38,000 million barrels

Remaining commercial liquids in Nigeria & Angola


18,000

million barrels

19,000

12,000

0 31/12/2009 Nigeria Congo Chad DRC Angola Equatorial Guinea Niger South Africa 31/12/2010 Ghana Uganda Cameroon Mozambique Sudan Gabon Cote d`Ivoire Mauritania

6,000

0 31/12/2009 Nigeria Angola 31/12/2010

Source: Wood Mackenzie

Source: Wood Mackenzie

Remaining commercial liquids by country excluding Nigeria & Angola

1,800

million barrels

1,200

600

Source: Wood Mackenzie

In Ghana, an upgrade in Jubilees reserves and appraisal of the deepwater Enyenra and Tweneboa fields led to a 48% increase in commercial liquids reserves, easily the biggest increase in the region. In Equatorial Guinea, remaining liquids reserves were up slightly due to the commercialisation of oil and condensate reserves in Block O, containing the Alen and Carmen fields, operated by Noble Energy.

ha na Su da Eq n ua C on to ria g lG o ui n U ea ga nd a G ab on C ha d N ig C am er C ot ero o e d` n Iv oi re So D ut R C h M Afr ic oz am a b M i qu au e rit an ia


31/12/2009 31/12/2010
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A review of Sub-Saharan Africa in 2010

Gas production
Total gas production
4,500

Gas production by country


3,000 2009 2010

3,000 mmcfd

2,000
1,500

mmcfd 1,000
2009 Nigeria South Africa Gabon Equatorial Guinea Cote d`Ivoire Congo 2010

0
Ta nz an ia C on go
Mozambique Tanzania

N ig Eq er ia ua to r ia lG ui ne a M oz am bi qu e So ut h Af r ic a C ot e d` Iv oi re

Source: Wood Mackenzie

Source: Wood Mackenzie

Nigeria accounted for two thirds of the 4,500 mmcfd of gas produced in Sub-Saharan Africa. And almost the entire observed net 300 mmcfd rise in the region occurred here. Gas production in Nigeria is also directly affected by militant attacks. 2010 production rebounded after a key pipeline feeding the Soku gas plant was badly disrupted in 2009. Notable Nigerian gas developments were the early start-up of Shells Gbaran-Ubie integrated oil and gas project, and production growth from Akpo.

Commercial gas reserves


Total remaining commercial gas
80,000 60,000 bcf

Remaining commercial gas (exc. Nigeria)


8,000 31/12/2009 31/12/2010 6,000

40,000

20,000

bcf

4,000

2,000
0 31/12/2009 Nigeria Mozambique Congo Cameroon Angola Ghana Cote D'Ivoire Gabon 31/12/2010 Equatorial Guinea South Africa Tanzania Senegal

0
Eq An go ua la to r ia lG ui ne M a oz am bi qu e G ha So na ut h Af ric a D 'Iv oi re Ta nz an ia Ca m er oo n G ab on Se ne ga l C on go

Source: Wood Mackenzie

Source: Wood Mackenzie

In 2010, Wood Mackenzie scaled-back our estimate of commercial reserves in Nigeria, due to continuing uncertainty over domestic demand and a delayed FID for Brass LNG. Elsewhere, the key mover was Ghana. An upgrade in Jubilees reserves and appraisal of the deepwater Enyenra and Tweneboa fields led to an 80% increase in commercial gas reserves. Remaining commercial reserves in Ghana were 860 bcf higher than 2009.

Upstream Insight - February 2011

ot e

ab on

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A review of Sub-Saharan Africa in 2010 New field start-ups in 2010


Country Congo Cote dIvoire Gabon Gabon Gabon Ghana Ghana Nigeria Nigeria Sudan Sudan Sudan Sudan Sudan Sudan Sudan Sector Onshore Offshore Onshore Onshore Onshore Deepwater Deepwater Offshore Offshore Southern Southern Southern Southern Southern Southern Southern Field Zingali Mahi Koula Bigou OMGW Jubilee (Deepwater Tano) Jubilee (WCTP) Ajapa Etoro Balila Jik El Full Hamam South Kanga Abar Assel Moleeta Operator Eni Foxtrot Shell Gabon Maurel & Prom Maurel & Prom Tullow Kosmos Energy Brittania-U ExxonMobil CNPC CNPC GNPOC GNPOC GNPOC Petrodar Petrodar Start-up Jul-10 Jan-10 Apr-10 Jul-10 Mar-10 Dec-10 Dec-10 Jun-10 Oct-10 Dec-10 Dec-10 Mar-10 Jan-10 Jan-10 Jun-10 Jun-10 2P Reserves (mmboe) 5 21 55 4 5 393 1,063 14 176 35 35 32 16 29 104 138 2,125

Total Source: Wood Mackenzie Gbaran-Ubie involves oil and gas fields which were already producing oil prior to project delivery.

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A review of Sub-Saharan Africa in 2010


Appendix A: Exploration acreage awarded in 2010
0 20 E 40 E

SUDAN

35

10 N

ETHIOPIA NIGERIA GHANA

1
Exploration blocks awarded during 2010 1 - Offshore Accra Area - Tap Oil 2 - OPL 226 - Essar Exploration 3 - OPL 2012 - Asha Xino 4 - Block T - Gazpromneft 5 - Block V - Afex Global 6 - Block U - Gazpromneft 7 - Block K - Vanco 8 - Elombo - Perenco Cameroon 9 - D-E7 - Perenco 10 - Block 21 - Cobalt 11 - Block 9 - Cobalt 12 - 1910B - Jupiter Petroleum 13 - 2010A - Jupiter Petroleum 14 - 2813A - HRT Oil & Gas 15 - 2814B - HRT Oil & Gas 16 - 2914A - HRT Oil & Gas 17 - Block 2C - Forest Oil 18 - Block 3B/4B - BHP Billiton 19 - Sungu Sungu - Sungu Sungu Petroleum 20 - Block 3A/4A - BHP Billiton 21 - Block 5/6 - PetroSA 22 - 020 TCP - Sasol 23 - 096ER - Vibrant Veterans Energy Res 24 - 099ER - Umbono Capital 25 - 097ER - Vibrant Veterans Energy Res 26 - Area A - Sasol 27 - Lake Tanganyika South - Beach Energy 28 - Block V - SOCO International 29 - Block III - SacOil Holdings 30 - Block II - Caprikat 31 - Block I - Caprikat 32 - Block 10BA - Tullow Oil 33 - Rift Valley Block - Africa Oil Corp 34 - Block E - Star Petroleum 35 - Block 10 - Fenno Caledonian
0

3 4 2 5 6 7 9

CAMEROON

34 31 29 28
DEM. REP. OF CONGO TANZANIA

33 32 30
KENYA

8 EQ. GUINEA
GABON

27 10 11
ANGOLA
10 S

10 S

12 13
NAMIBIA

24 25 14 16 17 18 21 15 19 22 20
SOUTH AFRICA

23
30 S

30 S

500

1,000 20 E

km 2,000

M O ZA M

26

B IQ U E

Source: Wood Mackenzie


40 E

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10 N

A review of Sub-Saharan Africa in 2010


Appendix B: 2010 Production & commercial remaining reserves @ 31/12/2010
20 W 0 20 E 40 E

30 N

MAURITANIA NIGER SENEGAL CTE D'IVOIRE GHANA


10 N

SUDAN CHAD

NIGERIA

3rd biggest output at 467,000 b/d CAMEROON EQ. G

First production from deepwater Jubilee field GABON Africa's No.1 liquids producer at 2.5 Mb/d Up 264 kb/d on 2009 Intensive management of mature assets kept production steady
10 S

UGANDA CONGO DEM. REP. OF CONGO

Indian Ocean

TANZANIA

Production up 23% in 2010

ANGOLA

Atlantic Ocean
M B IQ U E

Production steady at 1.9 Mb/d

mmboe
> 20,000 10,000 - 20,000 1,000 - 2,000
30 S

100 - 500 < 100


20 W 0 500 1,000 km 2,000 0

SOUTH AFRICA

20 E

40 E

Source: Wood Mackenzie

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30 S

500 - 1,000

ZA

10 S

10 N

30 N

A review of Sub-Saharan Africa in 2010


Appendix C: Exploration outlook for 2011
20 W 0 20 E 40 E

30 N

A peaceful transition to the independence of South Sudan will encourage investment from IOCs

MAURITANIA

Hess and Lukoil plan two wells each. Tullow Oil and Kosmos will continue exploration and appraisal drilling GHANA

Africa Oil Corporation will drill wells on the Dharoor and Nogal blocks SUDAN

10 N

SIERRA LEONE

LIBERIA

NIGERIA

SOMALIA Further drilling expected on Blocks 1, 2 and 3. There are plans for a licensing round after new petroleum legislations are passed Africa Oil Corporation and Tullow Oil plan multiple wells onshore Deepwater licensing round planned in April. More wells will be drilled offshore

Anadarko's Cobalt-1 will be the first deepwater well in Liberia The deepwater Jupiter-1 well will target the Cretaceous system encountered by previous wells
10 S

UGANDA KENYA CONGO TANZANIA

ANGOLA
U E

Cobalt International will spud the first deepwater pre-salt well in West Africa

30 S

ZA M B

BHP Billiton, CNR and PetroSA plan offshore exploration

SOUTH AFRICA

Multiple deepwater wells planned in the Rovuma Basin

IQ

Fiscal term review will spur deepwater exploration drilling

20 W 0 500 1,000

0 km 2,000

20 E

40 E

Source: Wood Mackenzie

Mansur Mohammed mansur.mohammed@woodmac.com +44 (0) 131 243 4575

Gail Anderson gail.anderson@woodmac.com +44 (0) 131 243 4236

Martin Kelly martin.kelly@woodmac.com +44 (0) 131 243 4363

This report is published by, and remains the copyright of, Wood Mackenzie Limited ("Wood Mackenzie"). This report is provided to clients of Wood Mackenzie under the terms of subscription agreements entered into between Wood Mackenzie and its clients and use of this report is governed by the terms and conditions of such subscription agreements. Wood Mackenzie makes no warranties or representation about the accuracy or completeness of the data contained in this report. No warranty or representation is given in respect of the functionality or compatibility of this report with any machine, equipment or other software. Nothing contained in this report constitutes an offer to buy or sell securities and nor does it constitute advice in relation to the buying or selling of investments. None of Wood Mackenzie's products provide a comprehensive analysis of the financial position, assets and liabilities, profits or losses and prospects of any company or entity and nothing in any such product should be taken as comment or implication regarding the relative value of the securities of any company or entity.

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30 S

10 S

ExxonMobil and Total plan to drill deepwater wells

10 N

30 N

Petronas continues to target the Turonian play