1 March 2003 ASIA GAS BUYER’S SUMMIT March 25, 2003

2 Contents I. Gaz de France as a key LNG player II. The growing role of LNG in the European market III. World-wide LNG trade evolution IV. Conclusion

3 I.Gaz de France as a key LNG player

4 Gaz de France’s long term LNG supply  Gaz de France holds a long term LNG supply portfolio based on four different projects and 16 bcm/year Origin End of supply Nominal quantity Delivery bcm/y Algeria201310,3FOB Nigeria20220,5ex-ship Egypt20254,8FOB Norway0,7equity gas Long term LNG Gaz de France supply  Gaz de France is the largest LNG importer in Europe  Gaz de France and Enel implemented a long term swap deal based on a quantity of 3.5 bcm/year linked with Enel’s LNG supply from Nigeria

5 LNG spot operations from 1999 to 2002  Gaz de France purchased spot LNG cargoes from :  Algeria  Qatar  Oman  Nigeria  Gaz de France sold spot LNG cargoes to :  the US (jointly with Sonatrach)

6 Gaz de France’s LNG assets  Liquefaction  Snoehvit LNG project in Norway Gaz de France holds 12 % of the project  Idku LNG project in Egypt Gaz de France holds 5 % of the project  Shipping  Gaz de France presently manages a fleet of 7 vessels  LNG receiving facilities  France - Montoir de Bretagne - Fos Tonkin  India - Dahej : Gaz de France holds 10 % of Petronet LNG, along with the Indian companies IOC, GAIL, BPCL and ONGC

7 II.The growing role of LNG in the European gas market

8 Mtep The fifteen countries of the European Union Mtep Residential sectorCommercial sector Industrial sector Power sector Other Source : WEFA Commercial sector Power sector Other Portugal, Spain, France, Italy, Greece Residential sector Industrial sector Forecast Growth in Demand for Natural Gas

9 Existing and Potential LNG Exporting Countries to Europe Norway Venezuela Trinidad & Tobago 560 Algeria CIS Nigeria Libya Angola 370 Source : CEDIGAZ Middle East Egypt (quantity : bcm)

10 A Growing Role of LNG in Western Europe Gas Supply  In order to face this growing natural gas demand, supply from more and more distant reserves is required  In this context, LNG is an attractive option :  from Europe point of view  from the producers’ point of view

11 A Lot of Already Committed and Potential LNG Supply to Europe  New development of LNG to Europe since 1999  New Committed Supply  Spain : LNG from T & T, Nigeria, Qatar, Egypt  Italy : LNG from Nigeria, Qatar  France : LNG from Norway, Egypt  Potential Supply  Spain : from Oman  Italy : from Qatar, Egypt  UK : from Qatar, Algeria  Other projects from Angola, Iran, Russia, Venezuela, …

12 Growth of Committed LNG Supply  LNG supply to Europe in 2001 : 33.5 bcm (22 % of its imports)  Committed supply in 2010 : 60 bcm today New LNG committed supply for Europe since horizon Bcm/year Egypt Qatar Norway T & T Nigeria Algeria

13 III.World-wide LNG trade evolution

14 Distribution of LNG supply from different exporting zones  Africa (Algeria, Nigeria)  Latin America (T & T)  Middle East (Qatar, Oman and Abu Dhabi) LNG supply by exporting zones Latin AmericaAfricaMiddle East Bcm/year Asia Europe North America

15 Toward an LNG trade globalisation USA EUROPE ASIA BARENTS SEA Norway, Russia ? LATIN AMERICA Trinidad and Tobago, Venezuela ? NORTH AFRICA Algeria, Egypt and Libya WEST AFRICA Nigeria, Angola ? Equatorial Guinea ? MIDDLE EAST Qatar, Oman, Abu Dhabi, Iran ? ASIA - OCEANIA Indonesia, Australia, Brunei and Malaysia USA - ALASKA LNG Consuming BasinsLNG Exporting Basins LNG Long Term ContractsLNG Spot deliveries

16 IV.Conclusion

17  European market requires supply from more and more distant exporting countries and LNG will be part of that  LNG can supply markets which were formerly disconnected :  growing competition between Europe and the other markets (US, Asia)  growing competition between LNG exporting countries  Even if LNG trade globalisation generates arbitrage opportunities, this industry relies and will rely on long term contracts