1 Table of Contents 1 Table of Contents 2 1.1 List of Tables 6 1.2 List of Figures 9 2 Introduction 10 2.1 What is This Report About? 10 2.2 Market Definition 10 3 Norway Energy Sector 12 3.1 Norway Energy Sector, Market Overview 12 3.2 Norway Energy Sector, Oil 13 3.2.1 Norway Oil, Overview 13 3.2.2 Norway Oil, Supply and Demand Balance 13 3.2.3 Norway Crude Oil, Regulatory Structure 19 3.3 Norway Energy Sector, Gas 20 3.3.1 Norway Gas, Overview 20 3.3.2 Norway Gas, Supply and Demand Balance 20 3.3.3 Norway Natural Gas, Regulatory Structure 26 4 Norway LNG Industry 27 4.1 Norway LNG Industry, Liquefaction 27 4.1.1 Norway LNG Industry, Liquefaction, Overview 27 4.1.2 Norway LNG Industry, Total Liquefaction Capacity 27 4.2 Norway LNG Industry, Liquefaction Capacity by Major Companies 28 4.3 Norway LNG Industry, Liquefaction, Capacity by Terminal 29 4.4 Norway LNG Industry, Liquefaction Asset Details 30 4.4.1 Norway LNG Industry, Liquefaction Active Asset Details 30 5 Norway Oil Storage Industry 32 5.1 Norway Oil Storage Industry, Key Data 32 5.2 Norway Oil Storage Industry, Overview 32 5.3 Norway Oil Storage Industry, Storage Operations 32 5.3.1 Norway Oil Storage Industry, Total Storage Capacity 32 5.4 Norway Oil Storage Industry, Storage Capacity by Major Companies 34 5.5 Norway Oil Storage Industry, Storage Capacity Share by Area 35 5.6 Norway Oil Storage Industry, Storage Capacity by Terminal 36 5.7 Norway Oil Storage Industry, Asset Details 37 5.7.1 Norway Oil Storage Industry, Active Asset Details 37 5.7.2 Norway Oil Storage Industry, Planned Asset Details 44 6 Norway Oil and Gas Pipelines Industry 45 6.1 Norway Oil Pipelines 45 6.1.1 Norway Oil Pipelines, Key Data 45 6.1.2 Norway Oil Pipelines, Overview 45 6.2 Norway Oil and Gas Pipelines Industry, Crude Oil Pipeline Length by Major Companies 46 6.3 Norway Oil and Gas Pipelines Industry, Crude Oil Pipelines 47 6.4 Norway Oil and Gas Pipelines Industry, Petroleum Products Pipelines Length by Company 48 6.5 Norway Oil and Gas Pipelines Industry, Petroleum Products Pipelines 49 6.6 Norway Oil and Gas Pipelines Industry, NGL Pipeline Length by Major Companies 49 6.7 Norway Oil and Gas Pipelines Industry, NGL Pipelines 50 6.8 Norway Oil and Gas Pipelines Industry, Oil Pipelines Asset Details 51 6.8.1 Norway Oil and Gas Pipelines Industry, Oil Pipelines Active Asset Details 51 6.8.2 Norway Oil and Gas Pipelines Industry, Oil Pipelines Planned Asset Details 67 6.9 Norway Gas Pipelines, Key Data 71 6.9.1 Norway Gas Pipelines, Overview 71 6.10 Norway Oil and Gas Pipelines Industry, Natural Gas Pipeline Length by Major Companies 71 6.11 Norway Oil and Gas Pipelines Industry, Natural Gas Pipelines 73 6.12 Norway Oil and Gas Pipelines Industry, Gas Pipelines Asset Details 75 6.12.1 Norway Oil and Gas Pipelines Industry, Gas Pipelines Active Asset Details 75 6.12.2 Norway Oil and Gas Pipelines Industry, Gas Pipelines Planned Asset Details 114 7 Norway Gas Processing Industry 123 7.1 Norway Gas Processing Industry, Key Data 123 7.2 Norway Gas Processing Industry, Overview 123 7.3 Norway Gas Processing Industry, Gas Processing Capacity by Major Companies 123 7.4 Norway Gas Processing Industry, Processing Plant Number by Facility Type 125 7.5 Norway Gas Processing Industry, Capacity Contribution of Various Provinces 126 7.6 Norway Gas Processing Industry, Gas Processing Capacity 127 7.7 Norway Gas Processing Industry, Planned Gas Processing Capacity 127 7.8 Norway Gas Processing Industry, Asset Details 128 7.8.1 Norway Gas Processing Industry, Active Asset Details 128 7.8.2 Norway Gas Processing Industry, Planned Asset Details 132 8 Recent Contracts 134 8.1 Detailed Contract Summary 134 8.1.1 Awarded Contracts 134 9 Financial Deals Landscape 152 9.1 Detailed Deal Summary 152 9.1.1 Debt Offerings 152 10 Recent Developments 156 10.1 Other Significant Developments 156 10.1.1 Dec 18, 2015: Statoil: PDO For Oseberg Vestflanken 2 Submitted 156 10.1.2 Dec 10, 2015: PSA: Statoil Receives Consent For Modifications At Kristin And Tyrihans 157 10.1.3 Dec 10, 2015: Lithuania's Klaipeda Port To Receive LNG Cargo From Norway 158 10.1.4 Dec 10, 2015: ConocoPhillips: Consent To Extend The Lifetime Of Eldfisk 158 10.1.5 Dec 09, 2015: Norway's Kollsnes Gas Processing Plant To Undergo Maintenance In 2016: Gassco 159 10.1.6 Nov 30, 2015: Statoil’s Hammerfest Terminal Ships LNG Cargo To US 159 10.1.7 Nov 30, 2015: Lundin Petroleum: First Oil From The Edvard Grieg Field, Offshore Norway 160 10.1.8 Nov 30, 2015: Litgas May Receive Norwegian LNG Cargo In December 2015 161 10.1.9 Nov 26, 2015: Dutch Gate LNG Terminal To Receive New Norwegian Cargo 162 10.1.10 Nov 24, 2015: Lietuvos Energija Looks To Renegotiate LNG Deal With Statoil 162 10.2 New Contracts Announcements 163 10.2.1 Dec 16, 2015: Wood Group Awarded Main Contractor Agreement With Statoil 163 10.2.2 Dec 15, 2015: Saipem Awarded New E&C Offshore Contracts Worth 180 Million Euro 163 10.2.3 Dec 09, 2015: Statoil awards contracts in support of Johan Sverdrup project 164 10.2.4 Dec 03, 2015: Westcon Delivers Battery System To Viking Energy 166 10.2.5 Dec 02, 2015: Mjorud Wins Contract From Gassco For Karsto Processing Plant 167 11 Appendix 168 11.1 Abbreviations 168 11.2 Methodology 168 11.2.1 Coverage 168 11.2.2 Secondary Research 169 11.3 Disclaimer 169

1.1 List of Tables Table 1: Oil Industry, Norway, Historic and Forecast of Oil Production and Consumption (mbd), 2000-2020 14 Table 2: Oil Industry, Norway, Historic and Forecast of Oil Exports and Imports (mbd), 2000-2020 16 Table 3: Oil Industry, Norway, Historic Crude Oil Reserves (billion bbl), 2000-2014 18 Table 4: Gas Industry, Norway, Historic and Forecast of Gas Production and Consumption (bcf), 2000-2020 21 Table 5: Gas Industry, Norway, Historic and Forecast of Gas Exports (bcf), 2000-2020 23 Table 6: Gas Industry, Norway, Historic Natural Gas Reserves (tcf), 2000-2014 25 Table 7: LNG Industry, Norway, Total Liquefaction Capacity (mtpa), 2010-2020 27 Table 8: LNG Industry, Norway, Liquefaction Capacity by Major Companies (mtpa), 2010-2020 28 Table 9: LNG Industry, Norway, Liquefaction Capacity (mtpa), 2010-2020 29 Table 10: Oil Storage Industry, Norway, Key Statistics, Dec 2015 32 Table 11: Oil Storage Industry, Norway, Total Storage Capacity (mcm), 2010-2020 32 Table 12: Oil Storage Industry, Norway, Storage Capacity by Major Companies (mcm), 2010-2020 34 Table 13: Oil Storage Industry, Norway, Storage Capacity (mcm), 2010-2020 36 Table 14: Oil and Gas Pipelines Industry, Norway, Oil Pipelines Key Statistics, Dec 2015 45 Table 15: Oil and Gas Pipelines Industry, Norway, Crude Oil Pipeline Length by Major Companies (km), Dec 2015 46 Table 16: Oil and Gas Pipelines Industry, Norway, Crude Oil Pipelines, Dec 2015 47 Table 17: Oil and Gas Pipelines Industry, Norway, Petroleum Products Pipelines Length by Company (km), Dec 2015 48 Table 18: Oil and Gas Pipelines Industry, Petroleum Products Pipelines, Dec 2015 49 Table 19: Oil and Gas Pipelines Industry, Norway, NGL Pipeline Length by Major Companies (km), Dec 2015 49 Table 20: Oil and Gas Pipelines Industry, NGL Pipelines, Dec 2015 50 Table 21: Oil and Gas Pipelines Industry, Norway, Gas Pipelines Key Statistics, Dec 2015 71 Table 22: Oil and Gas Pipelines Industry, Norway, Natural Gas Pipeline Length by Major Companies (km), Dec 2015 71 Table 23: Oil and Gas Pipelines Industry, Norway, Natural Gas Pipelines, Dec 2015 73 Table 24: Oil and Gas Pipelines Industry, Norway, Natural Gas Pipelines, Dec 2015 (Contd.1) 74 Table 25: Gas Processing Industry, Norway, Key Statistics, Dec 2015 123 Table 26: Gas Processing Industry, Norway, Gas Processing Capacity by Major Companies (mmcf), Dec 2015 123 Table 27: Gas Processing Industry, Norway, Processing Plant Number by Facility Type (%), Dec 2015 125 Table 28: Gas Processing Industry, Norway, Capacity Contribution of Various Provinces (%), Dec 2015 126 Table 29: Gas Processing Industry, Norway, Active Gas Processing Capacity (mmcf), Dec 2015 127 Table 30: Gas Processing Industry, Norway, Planned Gas Processing Plants, Dec 2015 127 Table 31: Aibel Secures A Six-Year Contract Worth Approximately NOK7.5 billion (US$863.31 million) From Statoil 134 Table 32: Statoil Awarded A Contract To Mitsui & Co 136 Table 33: Statoil Awarded A Contract To Wasco Coatings Malaysia 137 Table 34: Statoil Awarded A Contract To Saipem 138 Table 35: Wah Seong Corporation (WSC) Secures A Contract Worth Approximately MYR167.24 Million (US$39.5 Million) From Statoil 140 Table 36: Westcon Power & Automation Secures A Contract From Eidesvik Offshore 141 Table 37: Statoil On Behalf Of Gassco Awarded A Contract To Mjorud 142 Table 38: KNOT Offshore Partners Secures A One-Year Contract Extension From Statoil 143 Table 39: Fabricom, A Subsidiary Of Engie, Secures A Contract From Statoil 144 Table 40: Tai Chong Cheang Steamship Co. (H.K.), A Subsidiary Of Tcc Group, Secures A Contract From DNV GL 145 Table 41: Statoil Petroleum, A Subsidiary Of Statoil, On Behalf of Gassco Awarded A Contract To Fabricom 146 Table 42: Statoil On Behalf Of Gassco Has Awarded A Two-Year Contract To IKM Ocean Design 147 Table 43: Hyundai Heavy Industries (HHI) Secures A Contract From Solvang And Partners 148 Table 44: Solvang And Partners Secured A 10-Year Time Charter Contracts For The Charter Of Two Liquefied Petroleum Gas (LPG) Carriers 149 Table 45: ABB Secures A Contract Worth US$15 Million From Gassco And Statoil 150 Table 46: Statoil Completes Public Offering Of Floating Rate Notes, Due 2019, For US$566.2 Million 152 Table 47: Statoil Completes Public Offering Of 0.875% Notes, Due 2023, For US$1.13 Billion 153 Table 48: Statoil Completes Public Offering Of 1.25% Notes, Due 2027, For US$1.42 Billion 154 Table 49: Statoil Completes Public Offering Of 1.625% Notes, Due 2035, For US$1.13 Billion 155 1.2 List of Figures Figure 1: Energy Industry, Norway, Primary Energy Consumption Split by Fuel Type (%), 2014 12 Figure 2: Oil Industry, Norway, Historic and Forecast of Oil Production and Consumption (mbd), 2000-2020 15 Figure 3: Oil Industry, Norway, Historic and Forecast of Oil Exports and Imports (mbd), 2000-2020 17 Figure 4: Oil Industry, Norway, Historic Crude Oil Reserves (billion bbl), 2000-2014 19 Figure 5: Gas Industry, Norway, Historic and Forecast of Gas Production and Consumption (bcf), 2000-2020 22 Figure 6: Gas Industry, Norway, Historic and Forecast of Gas Exports (bcf), 2000-2020 24 Figure 7: Gas Industry, Norway, Historic Natural Gas Reserves (tcf), 2000-2014 26 Figure 8: LNG Industry, Norway, Total Liquefaction Capacity (mtpa), 2010-2020 27 Figure 9: LNG Industry, Norway, Liquefaction Capacity by Major Companies (mtpa), 2010-2020 28 Figure 10: Oil Storage Industry, Norway, Total Storage Capacity (mcm), 2010-2020 33 Figure 11: Oil Storage Industry, Norway, Storage Capacity by Major Companies (mcm), 2010-2020 34 Figure 12: Oil Storage Industry, Norway, Storage Capacity Share by Area (%), 2015 35 Figure 13: Oil and Gas Pipelines Industry, Norway, Crude Oil Pipeline Length by Major Companies (km), Dec 2015 46 Figure 14: Oil and Gas Pipelines Industry, Norway, Petroleum Products Pipelines Length by Company (km), Dec 2015 48 Figure 15: Oil and Gas Pipelines Industry, Norway, NGL Pipeline Length by Major Companies (km), Dec 2015 50 Figure 16: Oil and Gas Pipelines Industry, Norway, Natural Gas Pipeline Length by Major Companies (km), Dec 2015 72 Figure 17: Gas Processing Industry, Norway, Gas Processing Capacity by Major Companies (mmcf), Dec 2015 124 Figure 18: Gas Processing Industry, Norway, Processing Plant Number by Facility Type (%), Dec 2015 125 Figure 19: Gas Processing Industry, Norway, Capacity Contribution of Various Provinces (%), Dec 2015 126