BASF Roundtable Oil and Gas September 2013

Investor Roundtable Oil & Gas
Dr. Rainer Seele
CEO Wintershall and
President BASF
Oil & Gas Division
September 13, 2013

BASF Oil & Gas, September 2013 2
This presentation may contain forward-looking statements that are subject to risks and
uncertainties, including those pertaining to the anticipated benefits to be realized from the
proposals described herein. Forward-looking statements may include, in particular,
statements about future events, future financial performance, plans, strategies,
expectations, prospects, competitive environment, regulation and supply and demand.
BASF has based these forward-looking statements on its views and assumptions with
respect to future events and financial performance. Actual financial performance could differ
materially from that projected in the forward-looking statements due to the inherent
uncertainty of estimates, forecasts and projections, and financial performance may be better
or worse than anticipated. Given these uncertainties, readers should not put undue reliance
on any forward-looking statements. The information contained in this presentation is subject
to change without notice and BASF does not undertake any duty to update the forward-
looking statements, and the estimates and assumptions associated with them, except to the
extent required by applicable laws and regulations.
Cautionary note regarding
forward-looking statements

1 | Overview & Strategy
2 | Exploration & Production
3 | Gas Transport
4 | Summary & Outlook

BASF Oil & Gas, September 2013
* Restated, figures for 2012 adjusted to changes in IFRS and new segment structure effective Jan. 1, 2013
Not depicted here: ~5% of BASFGroup sales reported under ‘Other‘ 4
Overview & Strategy
BASF today – A well balanced portfolio
Sales by segment 2012* (percent)

Overview & Strategy
Oil & Gas – Significant advantages for
BASF Group
5
Technological
synergies through
BASF Research
Verbund
Significant cash flow
and stable earnings
Strong contributor
to BASF’s profitable
growth
Hydrocarbon hedge

Overview & Strategy
Oil & Gas – Continuous production
growth
6
104 109 112 111 112
130 136 133
113
144
126
66
0
25
50
75
100
125
150
175
200
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2012 2013
1HY
Production* (million boe)
restated***
* Since November 2011 including Achimgaz
** Oil production in Libya suspended from February to October 2011
*** Restated, figures for 2012 adjusted to changes in IFRS
**

Overview & Strategy
Strong earnings contribution from
Oil & Gas
7
433 480
601
857
789
951
712
923
1.064
1.201
677
0
300
600
900
1.200
1.500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
1HY
Net income Oil & Gas (million €)

Overview & Strategy
Oil & Gas – Strong free cash flow
contribution to BASF Group
8
0
500
1.000
1.500
2.000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
1HY
Cash flow Oil & Gas* (million €)
Operating cash flow Oil & Gas
* Wintershall cash flow, not BASF Group consolidated view
** Free cash flow: Operating cash flow less payments related to property, plant and equipment and intangible assets
Free cash flow** Oil & Gas
∼45% of operating cash flow delivered to BASF Group (Avg. 2003-2012)

2008
2012
 2008-2012:
– Oil & Gas: Solid profit
contributor to BASF Group
– Oil & Gas accounted for 30% of
BASF Group capex
 EBITDA share of Oil & Gas in
BASF‘s portfolio expected to
remain in the same order of
magnitude in the upcoming
years
 Capex share of Oil & Gas
business in BASF portfolio will
slightly decline
Key facts
* Excluding non-deductible oil taxes **Fixed assets, tangible assets from acquisitions, activated exploration expenditures
Average EBITDA* 2008-2012 (€ billion)
Cumulative capex (plant, property, equipment) (€ billion)
BASF Group
w/o Oil & Gas
7.0 (76%)
BASF Group
w/o Oil & Gas
12.3 (70%)
Oil & Gas
2.2 (24%)
Oil & Gas
5.2** (30%)
2008
2012
-
-
9
Overview & Strategy
Share of Oil & Gas in BASF portfolio

Overview & Strategy
Oil & Gas provides earnings stability
10
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
EBIT before special items BASF Group* (million €)
Excluding non-compensable taxes on oil production
* Excluding non-compensable taxes on oil production
EBIT bSI* Oil & Gas
EBIT bSI BASF Group w/o Oil & Gas
2012
(restated)

BASF
R&D
Verbund
Overview & Strategy
Adding value as One Company –
Leveraging BASF’s Research Verbund
* EOR: Enhanced Oil RecoveryBASF Oil & Gas, September 2013

Polymer injector
Production well
Overview & Strategy
Enhanced oil recovery – Schizophyllan
BASF’s proprietary technology
12
 Schizophyllan – proprietary
biopolymer
 Produced by a fungus in pilot
scale plant at BASF
 General principle:
– Polymer added to injection
water, which then becomes
more viscous
– Remaining oil is then more
effectively pushed towards
production well
– Increased incremental oil
recovery of up to 10% on
waterflooding
Key facts

Overview & Strategy
Oil & Gas – Focus on upstream activities
13
Oil & Gas Value Chain
Upstream Downstream
Exploration / Development / Production Transport Storage / Trading
Upstream

Natural Gas
Focus Oil & Gas business
on attractive E&P activities1 Exit natural gas
storage and
trading business
3
Overview & Strategy
Active portfolio management –
Focus on profitable upstream activities
2 Harvest gas
transport business
Exploration / Development / Production
Upstream Natural Gas
Storage / TradingTransport

3 | Gas Transport

Exploration & Production
BASF Oil & Gas – Key facts
>80years of
experience in E&P
16
partnerships(e.g. Gazprom,
Statoil)
Strong
expertise
Technological
focus
Clear
(e.g. core regions)

BASF Oil & Gas – Key facts 2012
Production
million boe
(2012 restated)126
Reserves and resources
1.2billion boe
proved (1P) reserves
1.7billion boe
discovered resources
9years reserves/
production ratio
17BASF Oil & Gas, September 2013

Oil & Gas – Clear strategy for further
profitable growth
18
”Growing at the source”
 E&P
 Core regions
 Low risk exploration
Focus Technology Partnerships
 BASF Research
Verbund
 EOR
 Strategic partnerships
with regional resource
holders
Long-term profitable growth

Core region
Development region
Operating company /
production
Representative office
Current activities
Current activities in
development region
South America
North Africa
Europe
Russia
Caspian Sea
Region
Middle East
.
Clear regional focus: Four core regions
and two development regions

Exploration & Production –
Regional footprint 2012 (1)
20
 Russia stands for roughly 50%
of total production
 In 2012, natural gas accounted
for approx. 75% of total
production
Production
 Russia provides strong reserve
base
 Gas accounts for roughly 75%
of total reserves
Reserves
Russia/
Caspian Sea
47%
North Africa/
Middle East
16%
Europe
16%
South America
21%
126
million
boe
North Africa/
Middle East
12%
Europe
11%
South America
18%
Proved 1P reserves by region 2012 (million boe)
1.2
billion
boe
* Restated, figures for 2012 adjusted to changes in IFRS; Libya onshore 51%
Russia/
Caspian Sea
59%
Production by region 2012 (million boe)*

 Europe account for more than
50% of sales
Sales
 Russia is strongest earnings
contributor, including at-equity
income of €109 million, mainly
from Yuzhno Russkoye
Net income
Exploration & Production –
Regional footprint 2012 (2)
21
Europe
22%
Net income E&P by region 2012 (million €)
South America
8%
North Africa/
Middle East
10%
Sales E&P by region* 2012 (million €)
North Africa/
Middle East
5%
Europe
55%
South America
15%
€2.6
billion
€983
million
Russia/
Caspian Sea
60%
Russia/
Caspian Sea
25%
* Restated, figures for 2012 adjusted to changes in IFRS; Libya onshore accounted for at-equity

 2015 target maintained despite
restatement
(Effect: -18 million boe in 2012)
 Continue to significantly invest
in core and development
regions
 E&P Capex 2013-2015
~€2.0 billion**
– Russia/Caspian Sea
~€0.5 billion
– Europe
~€1.2 billion
– South America and Middle East
~€0.3 billion
Oil & Gas – Excellent further growth
opportunities
22
Production volumes (million boe)*
0
50
100
150
200
2012* 2015 target
>160
126
Russia
South America
North Africa/Middle East
Europe
* Restated, figures for 2012 adjusted to changes in IFRS; 2012 reported: 144 million boe
** Without capex in financial participations
Key Facts

1.
2.
3.
4.
Russia
Further expand gas and condensate production in Western Siberia
Key initiatives for further profitable
growth
Europe
Develop discoveries to production, with particular focus on Norway
South America
Realize resource potential in Argentina
Middle East
Apply technology and develop to core region
23

Global natural gas reserves
(trillion m³)*
0
5
10
15
Average acquisition cost per 2P reserves
($/boe)**
 Russia has largest natural gas reserves and resources worldwide
 Proximity to European market
 Comparably low development cost for 2P reserves
Russia
24%
195
trillion
m³
* Source: BGR 2012 ** Source: Herold Global Upstream M+A Review 2013
Russia/
CIS
Africa/
Middle
East
Asia
Pacific
Latin
America
United
States
Europe Canada
Russia – ¼ of global natural gas
resources, attractive reserve cost

BASF Oil & Gas – Unique partnership with
Gazprom for more than 20 years
25
Balance of interests
trust & respect – complementary interests – promise & deliver

Russia – Building on the unique
partnership with Gazprom
26
25 billion m3 p.a.*
plateau production
8 billion m3 p.a.* by 2018
plateau production
up
to
>8billion m3 p.a.*
plateau production
Yuzhno Russkoye
Maintain level for 10 years
Achimgaz
Further development Block IA
Achimov Blocks IV & V
Start joint development
* Russian Standard Conditions (RSC) ** Equals ~300,000 boe/d
million boe p.a.
by 2018**~110
Production growth
in Russia

Russia – Asset swap with Gazprom
(Achimov Blocks IV and V)
27
 Expansion of successful partnership with Gazprom
 Strengthening of E&P activities by acquiring shares in
Blocks IV and V in the huge Achimov formation
 Exit of natural gas trading and storage business by
transferring Wintershall shares to Gazprom
 Transaction financially retroactive to April 1, 2013. Closing
is subject to approval by the relevant authorities.
 Key field data:
– Total resources: 2.4 billion boe
– Plateau production: >8 billion cubic meters natural gas*
– Production start: 2016 planned
– Wintershall share: 25% plus one share
* Russian Standard Conditions (RSC)

 Natural gas pricing related to
European gas prices and
Russian domestic gas prices
– Limited oil price exposure
 Gas production sold according
to long-term contracts
– Low physical sales risks
 Long-term production upsides
due to huge proven
undeveloped reserves in
Russia
Oil & Gas – Strong returns from Russia
28
Net income (€/boe)*
0
25
50
75
100
0
5
10
15
2008 2009 2010 2011 2012
* Source: BASF Report
Key FactsOil price (€/barrel)
Net income per boe from activities in Russia
Oil price

Europe – Building on significant growth
opportunities in the North Sea
40,000boepd in 2013
Norway
Increase production from 3,000 to
profits
Germany
Strong
∼240 licenses
Strong project pipeline
expertise
The Netherlands
Center of excellence for offshore
29BASF Oil & Gas, September 2013

 Revus acquisition provided the basis for our growth in
the northern North Sea
– Successful build-up of a new operating company
 Participation in various promising oil discoveries, e.g.
– Maria ∼60-120 million boe
– Skarfjell ∼60-160 million boe
– Knarr ∼85 million boe
– Edvard Grieg ∼185 million boe
 65% of Revus exploration resources (2008: ∼400 million
boe) already discovered
 Balanced exploration portfolio
– Exploration licenses: >50
(more than half with operatorship)
Revus acquisition pays off

Excellent growth opportunities in the
northern North Sea
31
Edvard Grieg
 15% share (-15% out)
 Lundin*
Brage
 32.7% share
 Wintershall to be
operator as of Oct. 1,
2013
Gjøa
 15% share
 GDF Suez*
Bergen
Assets In
Asset Out
Existing Assets
Astero
 25% share
 Statoil*
Vega
 30% share
 Statoil*
* Operator
Broom
 29% share
 EnQuest*
Knarr
 20% share
 BG*
Grosbeak
 45% share
 Wintershall*
Skarfjell
 35% share
 Wintershall*
Maria
 50% share
 Wintershall*
Crathes/
Scolty
 50% share
 EnQuest*
Catcher
 20% share
 Premier*
Cladhan
 33.5% share
 Sterling*

Supply
 Optimize transport
logistics via location
swap
 Norwegian production to
secure European supply
Technology
 Combine knowledge
on EOR and
unconventional
hydrocarbons
Norway – Strengthening our position
through strategic partnership with Statoil
Production
 Equity in three producing
fields Vega, Gjøa and Brage
 Increase in production by
~37,000 boepd
 Brage: 1st own operated
producing field in Norway

BASF Oil & Gas, September 2013 © Øyvind Hagen
Transaction with Statoil closed* –
Significant increase in cash flow and EBIT
33
37,000 boepd
Production increase by
∼$800
Compensation
payment
million**
Brage
Operatorship of
platform
* Closed on July 31, 2013
** Agreed upon compensation payment of $1.35 billion reduced to around $800 million by earnings of the three fields (Vega, Gjøa and Brage)
generated in the first seven months of 2013.
In addition, Wintershall assumes a tax liability in 2014 of around $300 million related to these profits.

South America – Realize resource
potential in Argentina
34
potential
Huge shale gas/oil
in Argentina
Attractive returns
New gas price scheme in Argentina
15oil & gas
fields
Wintershall
has stakes in

Middle East – Leverage technological
expertise to gain access to attractive fields
35
Abu Dhabi
 Develop Shuwaihat gas/condensate field in the western
region of Abu Dhabi
 Wintershall: Operator in appraisal phase
 Resources: 50-500 million boe
 Production start: ~2020
Qatar
 Gas discovery Block 4 North (Khuff formation) offshore
Qatar
 Wintershall: Operator
 Resources: ~400 million boe
 Production start: 2017

Production growth from solid project
pipeline (major projects)
36
2011 2013 2015 2017 2019 2021
Norway
Development phase
Wingate Cladhan / Catcher
Knarr / Edvard Grieg / Maria Skarfjell
Achimgaz (FFD) Achimov Blocks IV / V*
Qatar: Block 4N
Vega Pleyade Shale Neuquen / Mendoza Fenix
Abu Dhabi: Shuwaihat
Hibonite
F 17a
* Closing is subject to approval by the relevant authorities

3 | Gas Transport

Ludwigshafen
Düsseldorf
Krefeld
Aachen
Köln
Kassel
Hameln
Emden
Greifswald
Hamburg Schwerin
Berlin
OPAL
Brandov
Frankfurt/O.
Erfurt
NEL
STEGAL
Kiel
Key facts
 Germany as distribution hub
for Europe
 GASCADE with a pipeline
system of ~2,300 km
 OPAL: in operation since 2011
 Nord Stream: in operation
since 2012
 NEL: first sections in operation
since 2012; completion
expected in autumn 2013
 South Stream: under
construction; startup expected
for 2015
Netherlands
France
Belgium
Poland
Czech
Republic
Gas Transport
Efficient pipeline network – Well connected
to major European distribution hubs
Nürnberg

Gas Transport
Gas transport business –
Stable earnings contribution
39
 Gas transport business generates stable earnings
– Non-regulated pipelines: Ship-or-pay contracts; earnings independent from demand fluctuations
– Regulated pipelines: Fixed tariffs
 Security of supply through participation in transit pipelines
– Securing deliveries from Russian gas to Western Europe
 Recent investment focus on non-regulated pipelines offering more attractive returns
– Nord Stream offshore
– OPAL
– South Stream offshore
 Total investments pipeline infrastructure: €3.3 billion* (BASF share)
– GASCADE: >€1.5 billion (BASF share)
– OPAL, NEL: ~€0.65 billion (BASF share)
– Nord Stream offshore: €1.15 billion (BASF share: 15.5%, financial investment, not part of capex)
* Investments until 1HY 2013

3 | Gas Transport

Outlook & Summary
BASF Oil & Gas – Outlook 2013
Sales and earnings increase
41
 In 2013, we expect an increase in sales and earnings due to higher production volumes.
 Overall, we anticipate higher production due to the further field development of Achimgaz
and our transaction with Statoil in Norway.
Natural Gas Trading
 In 2013, we expect a decrease in earnings due to margin pressure.
 We anticipate natural gas sales volumes to be on prior-year level.
Assumptions 2013
- Average oil price: $105 per barrel Brent
- Average exchange rate: $1.30 per €

BASF’s Oil & Gas division –
Summary and roadmap 2015
 Strong E&P portfolio with access to high potential acreage
 Low risk strategy with focus on regions of expertise and limited
exploration risk
 Solid project pipeline
 Powerful partnerships in key regions
 Oil & Gas maintains ambitious production target despite
restatement due to changes in IFRS
 Reduction of downstream / natural gas trading exposure

Back-up

Overview & Strategy
Experienced management team
45
Dr. Gerhard König
11 years with Wintershall
21 years experience in the gas trading industry
Dr. Ties Tiessen
Head of
Operating Companies,
Exploration, Development,
Technology, Engineering
CFO
Finance, Legal, Taxes,
Insurance, Procurement, Sales
Oil & Gas
Head of
Natural Gas Trading
Gas Trading, Gas Storage,
Gas Transport, Regulation
Management
Mario Mehren
Head of
Russia
Wintershall
Russia, Achimgaz,
Senior Project
South Stream/
Nord Stream
Dr. Rainer Seele
CEO
Strategy &
Portfolio management,
Communications,
Energy Politics, HR, HSE
Martin Bachmann
29 years experience in E&P industry

0
50
100
150
2003 2005 2007 2009 2011
Overview & Strategy
Oil & Gas –
Production and trading volumes
46
Oil
Gas
Production (million boe)*
thereof Germany
Europe
144
104 109 112 111 112
130
136 133
113
2012 2013 H1
66
126
restated
2012
0
20
40
60
2003 2005 2007 2009 2011 2013 H1
* Since November 2011 incl. Achimgaz ** Including sales to BASF
Natural Gas Trading (billion m³)**
47
29 30 33
35 37
42
39
41 42
27
CAGR
4% p.a.
CAGR
6% p.a.
2012

BASF Oil & Gas, September 2013 ** EBIT bSI more than halved due to deconsolidation of Wintershall AG (Libya). Net income remains unchanged
0
30
60
90
120
0
5
10
15
2003 2005 2007 2009 2011
Overview & Strategy
Oil & Gas –
Sales and earnings
47
Sales* (billion €)
E&P
Gas Trading
2012 2013 H1
0
1
2
3
4
5
2003 2005 2007 2009 2011
* Sales to third parties. Restated sales lower mainly due to the deconsolidation of Wintershall AG (Libya)
2012 2013 H1
E&P
Gas Trading
16.7
4.8
5.3
7.7
10.7 10.5
14.4
11.4
12.1
12.7
10.8
7.5
4.1
1.4
1.6
2.4
3.3
3.0
3.8
2.3 2.4
2.1
1.9
1.0
restated
2012
restated
2012
Brent oil (€/bbl)
CAGR
15% p.a.
CAGR
13% p.a.
EBIT before special items** (billion €)

Overview & Strategy
Oil & Gas – Higher production volumes
drive earnings
48
88
208
59
280
0
100
200
300
400
Q2/2012 Net Income Q2/2013 Net Income
Exploration &
Production
525
(10%)
Natural Gas
Trading
2,311
+17%
€2,836
+10%
Q2’13 segment sales (million €) vs. Q2’12 EBIT bSI/Net income (million €)
Natural Gas Trading
Net income
Sales development
Period Volumes Prices/Currencies Portfolio
Q2’13 vs. Q2’12 10% 0% 0%
330
242 323
382

Back-up
Market Environment

Market environment
Market trends
Difficult
Reserve access
50

 Energy demand grows mainly
in emerging markets – in
particular in China and India
 Increasing energy efficiency
enables GDP to grow faster
than energy demand
 Positive growth rates for all
fuels, renewables with highest
rates
Key facts
Source: IEA World Energy Outlook 2012; original figures in toe (1 toe = 7.332 boe) 51
Primary energy demand (million boe)
Oil
Natural Gas
NuclearCoal
Renewables
Market environment
Fossil fuels will continue to dominate the
primary energy demand
0
20.000
40.000
60.000
80.000
100.000
120.000
2010 2015 2020
93,000
103,000
109,000

Europe
Africa
Caspian
Region
40
Asia Pacific
South and
Central
America
132
79515
Russia
88
8
(46)
15
(88)
80
(484)
16
(101)
46
(278)
4
(26)
Oil, in billion boe
Natural Gas, in trillion m3 (billion boe)
Global oil and gas reserves
Natural Gas
total reserves:
~195
trillion m3
(≅ 1,180 billion boe)
Oil total reserves:
~1,580
billion boe
Source: BGR 2012
Middle East
41
17
(103)
246
10
(60)
225
North America
Market environment
Global oil and gas reserves

Market environment
Changing competitive landscape –
Technology key for partnerships
53
 Reserve access getting more
difficult
– Predominantly owned by national
oil companies (NOCs)
– E&P technology gaining more
importance
 Risk is increasing as reservoirs
are getting more complex
 Large investments are needed
to meet growing energy
demand
International oil
companies (IOC)
~15%
National oil
companies (NOC)
~85%
Technology
~40%
Drivers for largest M&A transactions 2012**
Resource
~60%
Holders of global Oil & Gas reserves 2011*
* Source: Oil & Gas Journal, WoodMackenzie, own calculation ** Source: Herold, own calculation
Key facts

0
5
10
15
20
Implied 3-years weighted average reserve replacement costs
($/boe)*
 Russia has by far the lowest reserve replacement costs
Russia/
CIS
Africa/
Middle
East
Asia
Pacific
Latin
America
United
States
EuropeCanada
Market environment
Reserve replacement costs by region
* Source: IHS Herold 2012, including acquisition, exploration and development expenditures

Market environment
Growing import need for natural gas in
Europe (EU 27)
55
European supply/demand balance gas (billion m³)
 European natural gas demand
to increase from 490 billion m³
in 2012 to 550 billion m³ in
2020
 End of oversupply expected by
2015
 Shale gas not anticipated to
compensate for declining
domestic production
 Additional imports needed in
2020 to cover projected
supply/demand gap
Domestic production Pipeline imports**
LNG supply* Demand
490 550530
* FID Source: IHS CERA, Arthur D. Little, own calculation
Key facts
** Incl. contract prolongations

Market environment
Growing importance of Russia for
European natural gas supply (EU 27)
56Source: IHS CERA, BP, own calculations
Other
Imports (LNG)
Imports
Russia/Caspian
Region (Pipeline)
Imports
North Africa (Pipeline)
Europe
Domestic production
European natural gas supply
2012 23%
2020 17-20%
2012 25%
2020 25-30%
2012 7%
2020 7-10%
2012 12%
2020 17-24%
2012 33%
2020 25%
Imports
Norway (Pipeline)
.
 Natural decline of domestic gas
fields in Europe from 160 billion
m³ in 2012 to 140 billion m³ in
2020 expected
 Increasing importance of LNG
imports in the middle and long
run, particularly for UK, Spain
and France
 Russia to further increase
gas exports into Europe
from 115 billion m³ in 2012
to 140-160 billion m³ in 2020
Key facts

Market environment
Convergence of spot and contract gas
prices despite increasing shale gas / LNG
57
 Increasing LNG volumes largely
absorbed by strong gas
demand in Asia
 Additional gas volumes (LNG)
used in Japan after the natural
disaster to compensate for
damaged nuclear and coal
power generation
 Growing shale gas production
in US mainly impacts US gas
spot prices
Recent developmentsNatural gas price development ($/mmbtu)
Spot price Europe (Zeebrugge Hub) German import price
Source: BAFA, Argus
Spot price US (Henry Hub)
0
2
4
6
8
10
12
14
2008 2009 2010 2011 2012 2013

Back-up

Reserves and R/P at constant level
59
 R/P ratio at 9 years
 Total 1P reserves (2012)
1,157 million boe
 Gas accounts for roughly 75%
of total reserves
 Strong contribution to reserve
replenishment from assets in
Russia
 Participation in Yuzhno
Russkoye led to strong
increase in reserves in 2007
 Asset swap with Gazprom
in 2007 reduced oil reserves
significantly**
Key facts1P Reserves* (million boe) R/P (years)
0
2
4
6
8
10
12
0
200
400
600
800
1.000
1.200
1.400
2003 2006 2009 2012
Oil Natural gas R/P
* According to SEC guidelines; since Nov 2011 including Achimgaz;
Libya onshore 51%
** Gazprom received a minority interest of 49% in a subsidiary of Wintershall,
which holds the rights of the onshore concessions (C96/C97) in Libya
Reserve Replacement Rate (RRR, in percent)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
102 50 52 48 389 116 89 89 131 100
12
10
8
6
4
2
0

Reserves and resources 2012
60
 Stable proven reserve position
 Strong discovered resource
base built on
– Exploration success
(e.g. Norway)
– Resource access
(e.g. Russia)
– Improved recovery
(e.g. technology)
 Discovered resource
contributions from
– Russia
– Europe
– South America
Key factsReserves and Resources 2012 (billion boe)
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
* Proved reserves based on SEC definitions
1.2 billion boe
1.7 billion boe
Discovered resources
Proved (1P) reserves*

 Wintershall and Gazprom agree on asset swap relating to Blocks IV and V of the Achimov
formation of the Urengoy natural gas and condensate field
 Wintershall to receive 25% plus 1 share in Blocks IV and V of the Achimov formation with
the option to further increase the share in the two deposits
 Gazprom to receive:
– 50% share in Wintershall Noordzee, which is active in the exploration and production of oil and gas in
the southern North Sea (Netherlands, UK, Denmark)
– 50% shares (thus taking over 100%) in the gas trading companies WINGAS, WIEH and WIEE,
including shares in the natural gas storage facilities in Rehden and Jemgum, Germany, as well as
Haidach, Austria, and the gas storage operator astora
– Activities to be divested contributed in total about €10 billion to sales and
roughly €500 million to EBITDA of BASF Group in 2012
 Transaction financially retroactive to April 1, 2013. Closing is subject to approval by the
relevant authorities.
 Ownership of gas transportation business unaffected
Asset swap with Gazprom –
Transaction highlights

 Focuses BASF’s Oil & Gas business on highly profitable upstream exploration and
production activities and delivering medium-term earnings uplift
 Provides access to attractive, condensate-rich Achimov assets
 Significantly increases Wintershall’s resource base
 Further strengthens the strategic partnership with Gazprom and Wintershall’s focus on
Russia as a core region for Oil & Gas
 Through participation in Nord Stream (15.5%) and South Stream (15%) respectively,
Wintershall will contribute to reliable transportation of natural gas from Russia to Europe
Strategic rationale

 Key field data:
– Targeted field depth: ~3,600 meters
– Total resources of Blocks IV and V: 2.4 billion boe
− 274 billion m³* of natural gas
− 74 million tons of condensate
 BASF share (600 million boe) equivalent to approx. 20%
of total BASF hydrocarbon resource base as at Dec 31,
2011
 Plateau production potential of >8 billion m³* p.a.
in total for the two additional blocks
 Synergies through regional and technological expertise
of both partners
 Start of production is planned for 2016
* Russian Standard Conditions (RSC)
Achimov Blocks IV and V key facts

Denmark – Exploration success
64
 Oil discovery Hibonite in March 2013 in the Danish
sector of the North Sea
 The Hibonite prospect lies around seven kilometers
north of the Ravn field which was successfully
appraised in 2009
 Partner: Wintershall (operator) 35%, Bayerngas 30%,
NordsØfonden 20%, EWE 15%
 Key field data:
– 278 kilometer west of Esbjerg (DK)
– Water depth: ~50 meters
– Resources: ~100 million bbl (oil in place)
– Targeted field depth: 4,431 meters
– Production start: end of 2015 at the earliest
 Next steps:
– Evaluating commercial viability, further upside potential and
development synergies with the nearby Ravn discovery
64
Denmark
Norway Hibonite
The
Netherlands
Germany
Den Helder
Amsterdam
Rijswjk

Denmark
Norway
Netherlands – Exploration success
65
 In December 2012 Wintershall discovered oil in the
exploration license F17a in the Dutch North Sea
 Most southern extension of the chalk trend ranging
from Norway through Denmark to the Netherlands
 Partner: Wintershall (operator) 30%, EBN 40%, GDF
SUEZ 20%, Rosewood 5%, TAQA Offshore 5%
 Key field data:
– 120 kilometer north of Den Helder (NL)
– Resources: at least 30 million bbl
– Production start: end of 2015 at the earliest
 Next steps:
– Appraisal drilling planned in 2013
– Additional nearby chalk exploration
F17-CK1
The
Netherlands
Germany
Den Helder
Amsterdam
Rijswjk

Middle East - Shuwaihat project in Abu
Dhabi
66
 Shuwaihat is a discovered gas/condensate field
(containing H2S and CO2) in the western region of
Abu Dhabi
 Wintershall is the operator in the appraisal phase with
OMV as a partner on a 50/50 basis
 Wintershall has more than four decades expertise to
produce and to purify H2S and CO2 containing gas
 Key field data:
– 200 km west of Abu Dhabi
– Water depth: 0-15 meters
– Resources: 50-500 million boe
– Production start: ~2020
 Next steps:
– An appraisal campaign is required to confirm the reserves and
to define the development plan

Middle East – Gas discovery offshore
Qatar
67
 Qatar Petroleum (QP), Wintershall and Mitsui
discovered gas in the exploration Block 4 North (Khuff
formation) offshore Qatar
 Wintershall and QP entered into an exploration and
production sharing agreement for the Block in 2008
 Wintershall (80%) is operator, Mitsui (20%) joined in
2010 as partner
 Key field data:
– Discovery is located in direct proximity to the largest gas field
in the world, the North Field
– Resources: ~70 billion cubic meter of gas (~400 million boe)
– Production start: early 2017
 Next steps:
– Assessment of the economic field development
67
Block 4N
Qatar
Saudi Arabia
UAE
Iran
North Field

Argentina – Strong position with vast
shale oil/gas potential
68
 Participation in 15 oil and gas fields in Argentina
– Active since 1978
– 26 million boe annual production 2012
– 4th largest gas producer
– Applying leading-edge technologies to improve recovery
– Activities in the provinces of Neuquén, Tierra del Fuego and
recently Mendoza
 Field development in Tierra del Fuego and Neuquén
 One of the regions with the best prospects for shale
gas and shale oil outside North America with great
potential in the Vaca Muerta horizon in the Neuquén
basin
 Operatorship for exploration licenses in the province of
Mendoza for the Blocks CN-V and Ranquil Norte in
2012 awarded
 New gas price scheme with significant gas price
incentives for new gas projects
Santa Rosa
Buenos Aires
Exploration
Exploration
Production
Argentina
Chile
Tierra del Fuego
Operated blocks
Non operated blocks
Neuquén
Mendoza

Back-up
Outlook & Summary

2012 restated 2013
Financial
performance
Sales to 3rd parties: €12.7 billion
EBIT before special items: €1.9 billion
Net income: €1.2 billion
E&P: In 2013, we expect an increase in sales and
earnings due to higher production volumes.
Natural Gas Trading: Decrease in earnings due to
margin pressure.
Production volumes Total production: 126 million boe Overall higher production expected due to the
further field development of Achimgaz and our
transaction with Statoil in Norway.
Sales volumes Natural gas sales: 47 billion m³ Natural gas sales expected on similar level.
Investments*/
Expenditures
Investments 2008-2012 (IFRS old):~€5.2 billion
thereof E&P: ~€3.1 billion
thereof Natural Gas Trading: ~€2.1 billion
Investments** 2013-2015: ~ €2.4 billion
thereof E&P: ~ €2.0 billion
thereof Natural Gas Trading: ~ €0.4 billion
Macroeconomic
assumptions
Average oil price (brent): $112 per barrel
Average exchange rate: $1.28 per €
Forecast 2013: $105 per barrel
$1.30 per €
Outlook & Summary
Oil & Gas – Outlook 2013
70
* Incl. tangible assets from acquisitions, activated exploration expenditures, without capex in financial participations
** Without tangible assets from acquisitions and activated exploration expenditures

Appendix
Benchmarking
71

Production growth (percent p.a.)
Five year average 2008-2012
-3.3
-1.2
-1.0
-0.5
0.8
1.2
1.4
1.5
1.8
2.3
4.2
6.1
9.8
-5 0 5 10 15
Wintershall
17.6
17.1
17.1
16.5
16.3
16.2
15.8
14.9
14.1
13.4
13.2
5.9
5.4
0 5 10 15 20
Production costs ($/boe)
Average peers
1.7
14.8
Peers
Source: Herold, SEC, own calculation
Peer Group represents an average of the E&P industry
Wintershall
Wintershall – Positioned competitively (1)

F&D cost ($/boe)
74.5
58.7
58.1
42.6
33.4
31.5
30.3
27.5
26.4
21.3
16.3
14.6
10.7
0 20 40 60 80
63.1
57.7
40.0
28.6
28.1
27.9
24.6
23.6
19.0
15.1
15.1
14.2
8.3
0 20 40 60 80
Reserve replacement costs ($/boe)
36.3 29.8
Wintershall Average peersPeers

Reserve replacement (percent)
150
134
134
130
128
105
100
26
219
133
118
87
82
0 50 100 150 200 250
16.4
15.2
13.0
12.8
12.6
12.5
11.4
11.3
11.2
10.3
10.2
10.0
8.7
0 5 10 15 20
Reserve/Production ratio (years)
120 12.1
Wintershall Average peersPeers

Oil & Gas EBIT
Financial results
= Income before taxes
and minority interests
./. Income taxes
(incl. non-compensable oil taxes in Libya)
./. Minority interests
= Net income
50%
15.5%
51% 100%
Wintershall AG
(Libya)
Achimgaz WINGAS
Nord Stream
offshore
100%
Yuzhno Russkoye
SNGP Gas Mktg C.*
-50%-1 of after tax income
Projects with Gazprom –
Impact on BASF’s P&L
* Gas marketing company
35%

BASF Roundtable Oil and Gas September 2013

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (20)

Similaire à BASF Roundtable Oil and Gas September 2013

Similaire à BASF Roundtable Oil and Gas September 2013 (20)

Plus de BASF

Plus de BASF (20)

Dernier

Dernier (20)

BASF Roundtable Oil and Gas September 2013