The International and Offshore business focuses on operations in the North Sea (United Kingdom, the Netherlands and Norway) and the East Coast of Canada (where we participate in every major oil development project). We are also building material positions in the growth areas of Libya, Syria and Trinidad and Tobago.

Key International and Offshore Projects

Libya Exploration and Production Sharing Agreements

• The project: Extend the development of energy resources in Libya’s oil fields. This project provides significant exploration upside in the prolific Sirte Basin
• Expected result: Double production from current levels of 50,000 barrels per day (b/d) to 100,000 b/d net
• Approximate investment: Redevelopment of $3.5 billion US net ($7 billion US gross) and exploration of $460 million US net
• Target on-stream date: Came on-stream in 2008 (full year: 2013 - 2015)

Syria Ebla Gas Development

• The project: Develop and produce natural gas from Syrian fields
• Expected result: Initial development would produce 80 million cubic feet per day of natural gas based on probable reserves of around 500 billion cubic feet equivalent
• Approximate investment: $1.1 billion investment
• Target on-stream date: 2010

White Rose Extensions — North Amethyst and West White Rose Satellite Extensions

• The project: Develop the North Amethyst (NA) and West White Rose (WWR) satellite extensions around the currently-producing White Rose field, offshore Newfoundland and Labrador
• Expected result: Add proved plus probable reserves of approximately 50 million barrels
• Approximate investment: $700 million investment (net) for NA and WWR only
• Target on-stream date: 2009