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UK Norway Share Fair – 20 April 2006

UK Norway Share Fair – 20 April 2006. BG Norge. Legal Notice.

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UK Norway Share Fair – 20 April 2006

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  1. UK Norway Share Fair – 20 April 2006 BG Norge

  2. Legal Notice The following presentation includes "forward-looking information" within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. Certain statements included in this presentation, including without limitation those concerning (i) BG Group's strategy, outlook and growth opportunities; (ii) the 2006 long term growth targets; (iii) growth, and the sources of growth, to 2009 and beyond; (iv) the projects and assets expected to contribute to BG Group’s growth; (v) commercialisation and project delivery activities; (vi) BG Group's positioning to deliver its future plans and to realise its potential for growth; (vii) market development; (viii) the global economic outlook; (ix) the economic outlook for the gas and oil industries; (x) demand for gas as a source of energy and for imports of gas; (xi) BG’s competitive position; (xii) statements preceded by “believes”, “expects”, “anticipates”, “plans”, “intends” or similar expressions, contain certain forward-looking information concerning BG Group's operations, economic performance and financial performance. Although BG Group believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward looking statements, as a result of, among other factors (i) changes in economic, market and competitive conditions, including oil and gas prices; (ii) success in implementing business and operating initiatives; (iii) changes in the regulatory environment and other government actions, including UK and international corporation tax rates; (iv) the failure to ensure the safe operation of BG Group's assets worldwide; (v) implementation risk, being the challenges associated with delivering capital intensive projects on time and on budget, including the need to retain and motivate staff; (vi) commodity risk, being the risk of significant fluctuations in gas and/or oil prices from those assumed; (vii) a major recession or significant upheaval in the major markets in which BG Group operates; (viii) risks encountered in the gas and oil exploration and production sector in general; (ix) fluctuations in exchange rates; (x) business risk management; and (xi) the Risk Factors included in BG Group's Annual Report and Accounts 2003. BG Group undertakes no obligation to update any forward looking information. This presentation does not constitute or contain, and shall not be taken to constitute or contain, an invitation or inducement to any person to underwrite, subscribe for, otherwise acquire, or dispose of or invest in BG Group plc or any other entity, nor does it advise any person to do any of the foregoing.

  3. BG Group

  4. Who are BG Group?Evolution

  5. BG GroupThe Key Facts • A FTSE 25 company, listed on London and New York Stock Exchanges • Market capitalisation £28 bn billion (315 billion NOK) • Production volumes: 600,000 boepd (4Q2005) • Turnover approx 70 bill NOK (2005) • Production split: 70% gas; 30% oil • Employs some 5,400 staff; 76% outside UK • Active in some 23 countries

  6. BG Group Where We Operate Active in Some 23 Countries

  7. BG GroupIntegrated Gas Major Integrated Gas Major Connect gas to high value markets Secure low cost resources • Build and access markets • Serve customers • Equity reserves • Contracted resources Skills to succeed across the gas chain BG Group – a growth company

  8. BG Group Egyptian LNG – Record-breaking Project Delivery • ELNG 1 Q2 2005 • 3 months acceleration • ELNG 2 Q3 2005 • 9 months acceleration • Upstream supply & liquefaction accelerated - less than 6 years after first exploration well Accelerated Project Delivery

  9. 100 80 60 40 20 0 1998 1999 2000 2001 2002 2003 2004 Wells drilled Success ratio BG GroupE&P Historical Performance Wells drilled & % success ratio 100% 70% 72% 71% 71% 64% 40% 35 wells 28 wells 25 wells 20 wells 15 wells 14 wells 13 wells Proven Exploration Performance

  10. BG Group E&P Benchmarking 3 year Reserve Replacement (%) 3 year Finding & Development costs ($/boe) Peer Group includes Super Majors, US and European Integrated Majors Source: Evaluate Energy 2004, BG Group An Industry Leading E&P Performance

  11. BG Group Europe - Regional Strategy Norwegian exploration Mid-Norway & Barents Sea Outer Moray Firth Blake Buzzard, Cromarty, Atlantic Exploration Norwegian exploration Central North Sea Armada, Seymour Everest, Lomond J Block, Jade, Elgin, Franklin, CATS Potential Norwegian imports West Franklin, Glenelg, Maria Exploration SEAL ECA Neptune, Mercury, Wollaston & Whittle Minerva, Amethyst Milford Haven LNG (Dragon) SILK Interconnector Interconnector additional reverse flow Schematic From Single to Multi-sourced Strategy

  12. BG Group Largest E&P New Entrant into Norway for a Decade • Most other new entrants tail-end focused and small (micro) caps • Will not explore in Frontier Areas • BG Group unique in a Norwegian Continental Shelf context with our: • Organic Entry Strategy • Commitment to Drill • Proven Exploration & Appraisal Track-record • Financial Capacity to Explore also in Frontier Areas All Market Values from 18 April 2006

  13. BG Norge

  14. BG NorgeCurrent Status • BG first entered Norway through the 2003 APA Licence Round • First licence was awarded in December 2003 • BG Norge office opened in May 2004 in Løkkeveien 103B Stavanger • Further licences awarded in the 18th Round in 2004 • BG also awarded two licences in APA 2004 as operator and non-operator • In 2005, BG acquired two licences and was awarded four new licences in the APA 2005; all BG operated • In 2006, BG awarded 8 licenses in 19th Round, 5 BG operated • BG Norge now holds interests in 23 licences; 13 BG operated

  15. BG NorgeWhy now? • Licensing authorities encouraging new entrants; • Introduction of exploration tax credit in 2005; • UK-Norway treaty addressing median line issues; • Opportunities to bring Norwegian gas to UK via existing UK infrastructure; • GFU, Statoil, Petoro, Gassco/Gassled reform. Material Improvements to Investment Climate

  16. BG NorgeStrategy – A 3 Step Approach Actively Building our Long-term Business in Norway * Source: Norwegian Petroleum Directorate (NPD)

  17. BG non-operated acreage BG operated acreage BG NorgeNorth Sea – April 06 PL372S (Plomme) BG 70% (Op) Revus 30% PL337 BG 25% Talisman 10% Pertra 35% (Op) Marathon 30% PL372BS BG 70% (Op) Revus 30% Varg PL292 (Pi) BG 60% (Op) Lundin 40% Armada PL335 (Orange) BG 52% (Op) Talisman 18% Lundin 18% RWE 12% PL373S (Jordbær) BG 45% (Op) Revus 20% RWE 10% Idemitsu 25% Everest Snorre PL298 BG 20% Talisman 80% (Op) PL374S (Blåbær) BG 45% (Op) Revus 20% Premier 15% Petoro 20% PL143CS (Hummer) BG 20% Talisman 45% (Op) DNO 35% Lomond Visund Ula Statfjord E/F PL274BS BG 80% (Op) DONG 20% Gyda Gullfaks PL143 BG 30% CoP 35% (Op) Talisman 35% Kvitebjørn Jade Ekofisk J Block Troll PL297 (Mandarin) BG 100% (Op) NORTH SEA

  18. PL392 Shell 40% (Op) BG 20% Statoil 20% CoP 20% PL391 BG 40% (Op) Hess 20% Idemitsu 20% Nor Energy 20% Norne PL324 (Gemini) ENI 40% (Op) BG 30% ChevTex 30% BG operated acreage Viktoria BG non-op acreage Skarv Heidrun PL382 BG 80% (Op) NORECO 20% PL325 (Modgunn) ChevTex 40% (Op) BG 30% ENI 30% Åsgard PL390 BG 70% (Op) Idemitsu 30% Draugen Njord PL388 BG 100% (Op) PL251 (Tulipan) Statoil 70% (Op) BG 20% Shell 10% Ormen-Lange MID NORWAY BG NorgeMid-Norway – April 06

  19. PL395 Statoil 50% (Op) BG 30% SDØE 20% PL396 BG 70% (Op) Discover 10% SDØE 20% Snøhvit PL393 Hydro 30% (Op) BG 20% ENI 30% SDØE 20% Goliath BG non-operated acreage BG operated acreage BG NorgeBarents Sea – April 06

  20. Mærsk Guardian Bredford Dolphin BG NorgeRig Status • October 05: BG Norge signed rig contract with Mærsk for heavy duty jack-up rig, Mærsk Guardian (80 days) • Bringing the unit back (from Australia) to the Norwegian Continental Shelf in a very tight rig market • Programme of five wells with consortium members BP and Dong • December 05: BG Norge exercised an additional 150 days option on the Mærsk Guardian • Future exploration drilling on the Norwegian Continental Shelf • January 06: BG Norge contracted Bredford Dolphin for 100 days • Contract to commence 2Q 07 • March 06: BG Group signed contract on Rowan Gorilla VI – Unit may be upgraded to NCS drilling • Fortunately, despite a tight market, BG Norge has secured a total of 330 firm rig days in Norway over the next 24 months

  21. BG NorgeCurrent Organisation Chart

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