EFTA Document EFTA01367366

31 May 2015 Integrated Oil US Integrated Oils Pr Eillaf y GrOWth Driver:: Near-term oil production growth will be challenged as most mega project starts and expansions (Kashagan restart expected mid 2017 with Tengiz and Pearl contributions anticipated post 2020) are anticipated later this decade. We model a 2.5% decline rate for the base assets; as recent investment in recovery methods in ACG (Chirag Oil Project) and in Tengiz (Capacity and Reliability project) are expected to partial