EFTA Document EFTA01367377

31 May 2015 Integrated Oil US Integrated Oils North Sea The North Sea has been synonymous in recent years with mature, Non-OPEC decline, and for good reason. Since its peak production in 2000, North Sea production has steadily declined from -6 MMboe/d to current production levels of 2.5 MMboe/d, or an average decline rate of 6% YoY. This happened despite steadily increasing capex levels. Despite multi-year trends, we expect North Sea production to hold broadly flat through 2016 as sever