New Challenges in Deepwater Ultra-deep water and remote locations Harsh environments Small and/or sub-economic accumulations Viscous oil, low energy drive and lift High cost drilling & infrastructure Lack of local logistics / service industry Ultra-deep water and remote locations Harsh environments Small and/or sub-economic accumulations Viscous oil, low energy drive and lift High cost drilling & infrastructure Lack of local logistics / service industry Deepwater fields getting more complex: no single technology will “unlock”

Perdido Key Features Deepest spar in world Spar capacity100k bopd, 200 mmscfpd, and 80k bwip 150-person accommodations Doubles our water depth capability for a platform drilling system 35 wells (22 DVA subsea, 13 remote subsea) Deepest subsea production in world Gas and liquid separated at seafloor and pumped with electric submersible pumps (ESP’s) Oil (77 miles) and gas (107 miles) export pipelines Technology, Key to Ultra Deep Water Development

Perdido System Layout GREAT WHITE Host JV Partners: Shell (35%), Chevron (37.5%), BP (27.5%) Perdido 8 miles 2 miles 2.5 miles

Subsea Layout under the Spar Subsea Wells Subsea Boosting System Manifold Flowline Sled

Subsea Boosting System Ga s Liquid Makeup oil Top Tensioned Riser  Host-scale subsea separation  Cyclonic flow to 35" x 320’ caissons  Liquids pumped w/ 1500 HP ESPs (25,000 bpd per ESP)  Free Gas flows through annulus  Umbilical Voltage = 4.4 KV

Perdido – Night Shot

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