Unlocking Value Through Closer Relationships PILOT Meeting 24 th September 2002

Norway – 28 August Joint Ministerial Announcement Press Conference Interviews Industry Roundtable Discussions UK – 20 September Workgroup Leader Presentations Q&A Session Positive Reaction from Industry and the Media The Launch

Potential Benefits $2 billion Prize Increased reserves and accelerated development Extended field life and life of infrastructure Cost reduction Safety Improvement Overall: Increased value of North Sea

New Treaty and Guidelines Safety Infrastructure Improvements Supply Chain Links Continued Liaison through PILOT and KON-KRAFT Recommendations

PILOT and KON-KRAFT Endorsement Establish Implementation Group - facilitate adoption of recommendations - monitor progress Form Consultation Groups - support UK & Norway Governments on new treaty - develop Treaty guidelines - support implementation of other recommendations as appropriate - broad industry representation And on to Actions… Next Steps