Epstein Secrets

1 x siOAWG 1975 Middle East Iran Iran (Offshore platform in Persian Gulf) IMINOCO • Teheran 4.40 1 EPR insulated 15 3x 35 1976 Europe Norway Norge (Flare stock 8 drilling platform connection in tho Norm Sea) ELF • Norge • paris 1.00 EPR insulated 5.5 3 x 95 1976 Europe Spain Spa

x 70 1982 Europe Italy Offshore platform in Sicily AGIP • Milan 15.00 1 EPR mutated 20 345 1983 Europe UK Inter platform connection in the North Sea TRW Ferranti - London 4.00 1 EPR insulated 1 3x 25 control cores 1983 Africa Egypt Egypt (Spare length) PETROBEL-Cairo 7.80 3 EPR insu

e of the US onshore) concentrated in exploration budgets and deferrals of major project spend, with limited impact on near-term production levels. Norway: Exhibit A In some ways, Norway is a microcosm of the larger global picture. Largely synonymous with mature declining assets, averaging 6% YoY decl

l Non-OPEC supply growth of 500 Mb/d through 2017. Leading drivers: US GoM, Brazil, Canada, and slower declines on recent redevelopment projects in the North Sea. While project delays or poor performance could lead to disappointment (a hallmark of Non-OPEC supply), there is clearly a robust slate of projects

is primarily driven from re-developed mature assets (Ekofisk II) as well as from the bringing on-line of several growth projects in both the UK and Norway. However, the longer-term viability of North Sea production growth is most strongly correlated with the successful (i.e. timely) development of the

velopment with growth from the currently producing Ekofisk field alone, estimated at -15% of 2014-2016 North Sea. Post 2016. we expect a decline in the North Sea until the end of the decade/ramp of the massive Johan Sverdrup field (+300 Mb/d of production growth in 2020). The chief risk to North Sea producti