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ÅsgardBlocks and production licences

Block 6406/3 - production licence 094 B, awarded 2002Block 6407/2 - production licence 074, awarded 1982Block 6407/3 - production licence 237, awarded 1998Block 6506/11 - production licence 134, awarded 1987Block 6506/12 - production licence 094, awarded 1984Block 6507/11 - production licence 062, awarded 1981

Development approval 14.06.1996 by the StortingOn stream 19.05.1999 Discovered 1981Operator Statoil Petroleum ASLicensees Eni Norge AS 14.82 %

ExxonMobil Exploration & Production Norway AS

7.24 %

Petoro AS 35.69 %Statoil Petroleum AS 34.57 %Total E&P Norge AS 7.68 %

Recoverable reserves Original Remaining as of 31.12.2010100.8 million scm oil 26.9 million scm oil188.3 billion scm gas 89.0 billion scm gas36.0 million tonnes NGL 18.3 million tonnes NGL16.1 million scm condensate

Estimated prod. in 2011 Oil: 70 000 barrels/day, Gas: 11.64 billion scm, NGL: 2.17 million tonnes

Expected investment Total NOK 102.7 billion (2011 values)As of 31.12.2010 NOK 74.9 billion have been invested (2011 values)Main supply base Kristiansund

Development: Åsgard is located centrally in the Norwegian Sea. The water depth in the area is 240 – 300 metres. Åsgard includes the disco-veries 6506/12-1 Smørbukk, 6506/12-3 Smørbukk Sør and 6507/11-1 Midgard. The field has been developed with subsea completed wells tied back to a production and storage vessel, “Åsgard A”, which pro-duces and stores oil, and a floating, semi-submersible facility, Åsgard B, for gas and condensate processing. The gas centre is connected to a storage vessel for condensate, Åsgard C. The Åsgard field has been developed in two phases.The liquid phase came on stream in 1999 and the gas export phase started on 01.10.2000.The Åsgard facilities are an important part of the Norwegian Sea infrastructure where gas from Mikkel and Yttergryta is processed, and injection gas is delivered to Tyrihans. The Morvin field is tied back to Åsgard B and the production came on stream in August 2010.

Reservoir: The Smørbukk deposit is a rotated fault block, bordered by faults in the west and north and structurally deeper areas to the south and east. The reservoir formations Garn, Ile, Tofte, Tilje and Åre are of Jurassic age and contain gas, condensate and oil. The Smørbukk Sør deposit, with reservoir rocks in the Garn, Ile and Tilje Formations con-tains oil, gas and condensate. The Midgard deposit is divided into four structural segments with the main reservoir in the Garn and Ile Forma-tions. The sandstone reservoirs lie at depths down to 4 850 metres. The reservoir quality varies between the formations, and there are large dif-ferences in porosity and permeability between the three deposits.

Recovery strategy: Smørbukk Sør is produced by pressure support from gas injection. Smørbukk is produced partly by pressure depletion and partly by injection of excess gas from the field. Midgard is produced by pressure depletion. Studies are ongoing regarding converting gas injection wells to gas production wells at Smørbukk. This will maintain both gas injection in Smørukk Sør and gas export volume from Åsgard. Studies are also ongoing regarding the establishment of a gas com-pression facility at Midgard which is planned for start up in 2014. This facility is needed to maintain the gas stream in the pipeline from Mikkel and Midgard to Åsgard B and thereby prevent creation of hydrates in the pipeline, which lead to production stop. A stable supply of low CO2 gas from Mikkel and Midgard is also important for dilution of the high CO2 gas from Kristin in the Åsgard Transport to Kårstø.

Transport: Oil and condensate are temporarily stored at the field and shipped to land by tankers. The gas is exported through Åsgard Transport to Kårstø. The condensate from Åsgard is sold as oil (Halten Blend).

Status: Most of the production wells have been drilled, and efforts are being made to increase recovery from the field, partly by drilling seve-ral sidetrack wells. Other efforts for increasing recovery from Åsgard A include for example upgrading the CO2 removal facility at Åsgard B and extending the lifetime of Åsgard A. An appraisal well in 2009 proved oil and gas in a new segment northeast of Smørbukk. Work has started to tie-in the deposit to Åsgard B, with planned production start in 2013. There are other proven resources in the area with low CO2 gas. Work is being done to realise these via Mikkel and Midgard to Åsgard B.

1995 2000 2005 2010

Åsgard

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30

20

10

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30

20

10GasOil,condensate,NGL

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scm

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