1. The Potential of Oil Shale Stephen Mut, CEO Shell Unconventional Resources Energy ASPO’s Denver World Oil Conference Beyond Oil: Intelligent Response to Peak Oil Impacts November 10-11, 2005 Denver, Colorado

2. World Petroleum Resources Light Crude Oil 300 – 500 Heavy Crude Oil 500 – 700 Tar Sand Bitumen – Primarily 2000 - 6000 Located in Venezuela and Canada Oil Shale – Located in the USA, 2000 – 4000 Russia, China, Estonia, Australia, Brazil and About 20 Other Countries Oldest Youngest Geologic Age Billion Barrels

3. Major World Oil Shale Resources

4. Major Oil Shale Technologies Mining and Surface Retorting In-Situ Retorting In-Situ Conversion

5. In-Situ Conversion Process (ICP) What is it? Enhancement of natural maturation of kerogen by slow heating Results in: thermal cracking in-situ hydrogenation high sweep vapor phase production high API oil T emperature limited to boiling point of diesel, i.e. essentially no bottoms Current target resources: Oil Shale Heavy Oil / Tar Sands How is it done? Electric resistance Conductive heat transport Perspective View ¢ Producer Heater Overburden Naphtha Naphtha Jet Jet Diesel Diesel Nat. Gas Nat. Gas Hydrogen Hydrogen Chem. Feed Chem. Feed Heat Heat High Value Products Light Surface Processing

6. Better Feedstock For Upgrading Tar Like Solid Carbon Number Weight % 0510 12 10 8 6 4 2 0 1520253035404550100120 In Situ 800°C Surface Retort SHALE OIL EXAMPLE Naphtha - 30% Diesel - 30% Jet - 30% Resid - 10% NAPHTHAJETDIESELRESID

7. Water & Temperature Monitor Wells Freeze Wells Heater & Producer Wells Fractured Shale Water Bearing Zonew Solid Shale Containment and Isolation

8. G

9. ICP Can Also Work in Oil Sands

10. Conclusions Oil Shale is a Strategic Resource for the U.S. Oil Shale Technology Has Advanced Further Testing Is Necessary End of Decade Commerciality Target