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PETROLEUM PRODUCTION LICENCE



THIS DEED IS MADE this 30th September 2020, between Honourable

Vickram_Bharrat, the Minister of Natural Resources being the Minister Responsible for

Petroleum of the Co-operative Republic of Guyana (hereinafter referred to as "the

Minister") of the one part;



-And-



Esso Exploration and Production Guyana Limited, a company incorporated in

the Bahamas and registered in Guyana as an external company pursuant to the

Companies Act, 1991, with a registered office at 99 New Market Street, Georgetown,

Guyana (hereinafter referred to as "Esso"), CNOOC Petroleum Guyana Limited, a

company incorporated in Barbados and registered in Guyana as an external company

pursuant to the Companies Act, 1991, with a registered office at 62 Hadfield And Cross

Streets, Werk-en-Rust, Georgetown, Guyana, and Hess Guyana Exploration

Limited, a company incorporated in Bermuda and registered in Guyana as an external

company pursuant to the Companies Act, 1991, with a registered office at 62 Hadfield

And Cross Streets, Werk-en-Rust, Georgetown, Guyana, all together hereinafter referred

to as the "Joint Venture Licensees" or the "Licensee" as appropriate) of the other part.

WHEREAS pursuant to the Petroleum (Exploration and Production) Act No. 3

of 1986 (hereinafter referred to as the "Act") and the Regulations made thereunder, the

Licensee has applied to the Minister for the grant of a Petroleum Production Licence in

respect of the block or blocks constituting the production area described and identified

in the Schedule hereto and shown on the map in the said Schedule;

AND WHEREAS, the area so described and identified in the Licen

application for the grant of a Petroleum Production Licence includes parts

which are also within the production area described and identified in a

Petroleum Production Licence No. 971/2017, dated 15th day of June 2

Petroleum Production Licence"), granted to the Joint Venture Lice

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Stabroek Block Liza Production Area (the "Liza Production Area"), such parts of

reservoirs being further described, identified and shown on the map in the Schedule

hereto (the "Cross Licence Reservoirs");

AND WHEREAS Section 44 of the Act allows for the co-ordination of

operations for the recovery of petroleum being carried on, or to be carried on, in a

production area, in which part of the reservoir is located with operations for the

recovery of petroleum being carried on, or to be carried on, in any other area in which

another part of the same reservoir is located;

AND WHEREAS for the purpose of securing more effective recovery of

petroleum from such Cross Licence Reservoirs, the Licensee desires to co-ordinate

operations for the recovery of petroleum being carried on, or to be carried on, in the

Payara Production Area with operations for the recovery of petroleum being carried on,

or to be carried on, in the Liza Production Area;

AND WHEREAS, the Licensee has included with the said application the

Licensee's detailed proposals for the construction, establishment and operation of

certain facilities and services for and incidental to the recovery, processing, storage and

transportation of petroleum from the Payara Production Area and the Liza Production

Area, which proposals constitute the proposed Development Plan: Payara Project

document number GYPY-BPFDP-00-0001, Rev 1 dated 20 July, 2020, as such plan may

hereafter be amended from time to time with the approval of the Minister, (the

"Development Plan");

AND WHEREAS after conducting due examination of the details and data

contained in the Licensee's said application for the grant of a Petroleum Production

Licence over an area that includes the Cross Licence Reservoirs, such details and data

being in keeping with the provisions of the Act and the Regulations made thereunder

and contained in the Payara Project Field Development Plan GYPY-BPFDP-00-0001,

Rev 1 dated 20 July, 2020, and in furtherance of the Government of the Cooperative

Republic of Guyana's responsibility to prudently manage Guyana's petroleum resources

for the benefit of all Guyanese, present and future, through the employmen

international oilfield practices, the Minister is satisfied that the Cr

Reservoirs may be better developed in keeping with the said application for

more fully set out and described, in the Development Plan.

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AND WHEREAS by virtue of all the foregoing, the said application by the

Licensee for the grant of Petroleum Production Licence over an area that includes the

Cross Licence Reservoirs is duly made pursuant to the Act and the Regulations made

thereunder;

AND WHEREAS, the Minister has approved the Development Plan pursuant to

the notice issued to Licensee dated 25 September 2020;

NOW, THEREFORE in exercise of the powers conferred upon the Minister by

section 35(1) of the Act, I, Honourable Vickram Bharrat, Minister of Natural Resources

and the Minister Responsible for Petroleum, do hereby grant to the Joint Venture

Licensees for a period of twenty (20) years next after the date hereof, this petroleum

production licence (the "Licence") in respect of the block or blocks constituting the

production area (the "Area") described and identified and shown on the map in the

Schedule hereto, conferring on the Licensee, subject to the said Act and the Regulations,

and conditions specified hereunder or to which the Licence is otherwise subject,

exclusive rights (a) to carry on prospecting and production operations in the production area;

(b) to sell or otherwise dispose of petroleum recovered; and

(c)to carry on such operations and execute such works in the production area as are



necessary for, or in connection with, any matter referred to in paragraph (a) or

(b) above.

2.



This Petroleum Production Licence is granted subject to the following conditions: (a)The Licensee shall give effect to the Petroleum Agreement entered into by the

Licensee for a licence, such Petroleum Agreement being executed on the 27th day

of June 2016 and effective as of the 7th day of October 2016.

(b) Subject to the Petroleum Agreement, the Licensee shall supply petroleum or



petroleum products to the extent specified by the Minister from ti

meet the requirements of Guyana.



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(c)Subject to the Petroleum Agreement, the Licensee shall comply with such orders

as may be made by the Minister from time to time with respect to the refining,

disposal or sale of petroleum which may be recovered in the production area.

(d) The Licensee shall before commencing any production operations in the said



production area furnish to the Chief Inspector the name and address of the

Manager resident in the locality of the said area under whose supervision such

operations are to be carried on. Any notice which the Minister or any person

authorised by him is in conformity with this Licence required or entitled to serve

upon the Licensee shall be sufficiently served if the same shall be delivered or

sent by post to such Manager at such address.

(e)The Licensee shall not remove petroleum from the area from which it has been

obtained to any other area, or dispose of in any manner without the written

consent of the Minister or the Chief Inspector.

(f) Licensee Conditions



(i) Any obligations which are to be observed and performed by the Licensee

under this Licence shall be joint and several obligations.

(ii) The Operator shall be Essa Exploration and Production Guyana Limited,

which Operator may only be changed by the Licensee to another party not

comprising the Licensee as of the date of this Licence, with the written

consent of the Minister.

(g)



Unit Development

In respect of each petroleum reservoir in this Petroleum Production Licence

where the recovery of petroleum is to occur and where part of such reservoir

is included in the Payara licence area and part in the Liza licence area (a

'Cross Licence Reservoir'), the Licensee shall carry out unit development

petroleum operations for the development of such Cross Licence Reservoirs

for the purposes of

a) securing more effective recovery of petroleum from such Cr

Reservoirs; and

b) attaining the most efficient and beneficial management, dev

operation as a single consolidated reservoir, for the preven

the promotion of conservation and increasing the recovery of

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(h)



Work Commitments

(i)



(ii)



(iii)



(i)



The Licensee shall adhere in all material respects to the Development Plan

and the tenets thereof which shall constitute the Licensee's work

commitments for the licensed area.

The Development Plan including all its modifications, amendments,

replacements, substitutions or conditions shall constitute an Attachment

to this Licence and shall form part of the Licence.

The Licensee shall not carry out any other development plan either in the

licensed Area or elsewhere, except with the consent in writing of the

Minister or in accordance with the Development Plan which the Minister

has approved.

Liza Deep



(i)



G)



The Licensee shall conduct a study to evaluate appraisal and development

planning options for Liza Deep, as outlined in Appendix D of the

Development Plan. Within thirty (30) days from the date of the Licence,

the Licensee shall submit the terms of reference of the study for the

approval of the Minister. The report for the study will be due within nine

(9) months from the approval date of the terms of reference. The Minister

will review the report and decide to approve the report or grant the

Licensee an additional six (6) months to resubmit a revised report for

approval. Based on the final report and the Guyana Geology and Mines

Commission's assessment of the findings in the final report, along with

any other related matters, the Licensee and the Minister shall discuss and

seek to reach agreement on such further designation in respect of Liza

Deep as may be appropriate.

Additional Studies



(i)



The Licensee shall also conduct the studies outlined in Appe

Development Plan. Within sixty (60) days from the date of th

Licensee shall submit the terms of reference of such st

approval of the Minister. The report for the studies will b

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twelve (12) months from the approval date of the terms of reference. The

report related to such studies shall not be final until approved by the

Minister, taking into account whether the report meets the terms of

reference and all related best practice technical standards.

(k)



Cost Estimates



(i) Within ninety (90) days from the date of the Licence, the Licensee shall

submit reports in the format and degree of detail no less than that as set out in

Schedules X1 (Development Costs Estimates) and X2 (Operating Costs

Estimates) as follows:

a.



Schedule X1 - Development Cost Estimates for Payara;



b. Schedule X2 - Operating Cost Estimates for Payara;

(ii) Within one hundred and eighty (180) days from the date of the Licence, the

Licensee shall submit a report in the format and degree of detail no less than

that as set out in Schedule X2 (Operating Costs Estimates) as follows:

Schedule X2 - Breakdown of Actual Operating Costs for the first year

(or such shorter period as has completed as of the date of the report) of

operation of Liza Phase 1;

(1) Royalty



The Licensee shall provide for the payment of royalties in accordance with: (i) the

Act, the regulations made thereunder, this Licence or such other applicable law,

as amended from time to time and (ii) the Petroleum Agreement as amended

from time to time.



(m)

(i)



Measurements



The Licensee shall measure and weigh (the "measurements") the volume

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quality and composition of all petroleum won and saved f

subject to the License using the measurement appliances a

in accordance with good international oilfield practices, the

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Plan, and as from time to time approved by the Minister.

'

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(ii)



(iii)



(iv)



(v)



(n)



The Licensee shall provide to the Minister, reasonable notice of the

conducting of and an opportunity to attend the measurements or to have a

representative attend on his behalf.

The Licensee shall provide to the Minister, reasonable and written notice

and the opportunity to be present, either in person, or through a

representative(s) when an equipment or appliance for measuring or

weighing crude oil or gas is being calibrated, re-calibrated, tested,

compared, measured or weighed against a standard in accordance with

good international oilfield practices and as approved in writing by the

Minister; and any such calibration shall be in accordance with accepted

methods and procedures previously approved in writing by the Minister.

The Licensee shall not make any alteration in the method or methods of

the measurements used by him or in any equipment or appliances used for

the purpose without the prior consent in writing of the Minister, and the

Minister may in any case require that no alteration shall be made save in

the presence of a person authorised by him.

The Licensee shall be responsible for the payment of such fees and

expenses for tests and examinations of any measuring or weighing

appliance tested or examined in such manner, upon such occasions or at

such intervals and by such means, in any case, as may be specified as

directed by the Minister.



Production Statement Conditions



(i)



(ii)



(iii)



(iv)



The Licensee shall submit daily production statements to the Minister in

respect of Stabroek Block production, including such particulars as the

Minister may from time to time direct.

The production statements required to be submitted by the Licensee to the

Minister in keeping with the Act, Regulations and Petroleum Agreement

shall include such other particulars as the Minister may from time to time

direct.

The Minister may serve notice in writing on the Licensee determining any

other manner in which any quantity of petroleum or any qua

form of petroleum is to be expressed in production stat

manner to be in keeping with good international oilfield prac

Production statements shall state separately, in the case of

in the form of gas, the specific gravity of the petroleum and i

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substantially different specific gravities has been won and saved, the

respective quantities of petroleum of each specific gravity.

( o) Local Content and Participation

(i)



(ii)



(iii)



(iv)



(v)



Not less than sixty (60) days prior to the beginning of each year, the

Licensee shall submit to the Minister a yearly Local Content Plan which

shall detail Licensee's objectives, utilisation levels, activities and programs

aimed at compliance with its obligations under the Petroleum Agreement,

applicable law and government policy. Following the submission of the

plan, the Contractor shall meet with the Minister to discuss and consider

the effectiveness of the plan. Within twenty-one (21) days of receipt from

the Minister of any proposed modifications to the Local Content Plan, the

Licensee shall submit to the Minister a final Local Content Plan for

approval, inclusive of any agreed modifications. The Minister shall

determine final approval of the Local Content Plan.

The Licensee shall gather information on progress in achieving the

objectives, utilisation levels, activities and programs described in their

yearly Local Content Plan, sufficient to inform half-year and end-of-year

Local Content Reports to the Minister. This information shall be retained

by the Licensee in sufficient detail to facilitate verification for a period of

five (5) years.

The Licensee shall provide to the Minister, at a minimum, half-year and

end-of-year Local Content Reports submitted within thirty (30) days of

the end of each half calendar year detailing and quantifying its

achievements in respect of the objectives, utilisation levels, activities and

programs described in its yearly Local Content Plan.

The Licensee shall permit an agent designated by the Minister to access

records of the Licensee and its primary contractors for the purpose of

assessment and verification of the information provided in Licensee's

Local Content Plans and Local Content Reports. The Licensee shall include

the necessary provisions in contractual arrangements with primary

contractors to enable such assessment and verification by the Min1iJ~i;.Qt....._

his/her agent.

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The Licensee shall identify all opportunities available for loc J9 e ·

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the fabrication requirements of the Payara Development ~ e

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subsurface facilities and supporting services. The Licensee : t



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components of fabrication that can be performed using local content and

detail plans for the Licensee to develop the capacity for such local content.

(p) Health Safety and the Environment

(i)



(ii)



(iii)



(iv)



(q)



The Licensee shall abide by the Environmental Protection Act 1996,

Regulations made thereunder and the terms and conditions of the

Environmental Permit issued by the Environmental Protection Agency

Reference No. 20181204-PPOIX and dated 24 September 2020.

The Licensee shall abide by Occupational Health and Safety Act 1997,

Regulations made thereunder and all applicable laws and regulations of

Guyana relating to occupational health and safety in effect from time to

time, as amended, enacted and augmented.

The Licensee shall at all times maintain adequate expert personnel and

equipment to prevent and/ or respond to any spillage of petroleum into the

marine environment.

The Licensee shall ensure that standards in keeping with the laws and

regulations of Guyana and good international oilfield practices are

implemented, upgraded from time to time and continuously adhered to so

as to ensure the safety of all personnel and ensure the protection of the

marine environment.

Dispersants



(i)



· (ii)



(r)



Within ninety (90) days from the date of the Licence, the Licensee shall

provide a report calculating the appropriate volume of dispersants

sufficient for immediate deployment for any Tier 3 event. The report shall

not be deemed final until approved by the Minister.

Thereafter the Licensee shall maintain throughout the Licence term such

volume of dispersants and the required deployment equipment so as to

sufficiently and effectively deal with any Tier 3 event.

Capping Stack



(i)



The Licensee shall maintain access to one or more subscription

necessary to allow mobilization of a Capping Stack to the Pa

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(ii)



(iii)



(iv)



(v)



(vi)



location within five (5) days or less of an uncontrolled well event,

consistent with the Capping Stack Report.

Within thirty (30) days of the date of the Environmental Permit, the

Licensee shall submit to the Minister and EPA for approval, terms of

reference for a study detailing the implementation of a system that allows

for deployment of a Capping Stack and Debris Removal Systems within

three (3) days and four (4) days of an uncontrolled well event, including

the costs, timing, feasibility and benefits of implementing each such

system.

The Licensee shall, within three (3) months of the date of Licence,

supplement its in-country First Response Toolkit to include all elements of

the Essential First Response Toolkit, as outlined in the Capping Stack

Report, excluding those elements requiring longer manufacturing times or

otherwise not readily available. Such longer-lead elements will be

identified within thirty (30) days of the date of the Licence and shall be

promptly completed and delivered to Guyana, but in no event shall

delivery be later than nine (9) months from the date of the Licence.

Within one hundred and eighty (180) days of the date of the Minister's

approval of the terms of reference, the Licensee shall complete the study's

final report.

During the pendency of the study the Licensee shall meet with the

Minister and/or his representatives no less than every thirty (30) days, or

more frequently on request, to provide an update on the progress of the

study, discuss the issues raised by the study and come to agreement on

resolution of issues and/or concerns regarding the study.

Thirty (30) days before completion of the study, the Licensee will issue a

draft final report to enable the Minister to input into the final report. The

final report shall not be deemed final until approved by the Minister,

takine into account whP.thP.r thP. rP.port mP.P.ts the terms of reforenr.e and



all related best practice technical standards.



Flaring



(s)



(i)



Routine flaring of gas by the Licensee is strictly prohibi

approval. Flaring is only permissible under the following c

defined in the Licensee's Environmental Permit):

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a.



Commissioning and Start-up: the Licensee shall not exceed sixty

(60) days of flaring during Start-up; and



b.



Special Circumstances, including:

i) Emergencies;

ii) Maintenance; and

iii) Restart



or as allowed under the Environmental Permit or approved by the

Environmental Protection Agency.

(ii)



(iii)



(iv)



(v)



(vi)



(vii)



Flaring to maintain oil production should any part of the gas handling

system have failed will not be permitted save and except where approval

has been obtained to flare from the Environmental Protection Agency.

Within thirty (30) days of the date of Licence, the Licensee shall submit to

the Minister for approval, terms of reference for such study that will show

in detail how the objective described above will be achieved whilst

maintaining, to the extent practical, currently predicted project production

profiles.

During the pendency of the study the Licensee shall meet with the

Minister and/ or his representatives no less than every thirty (30) days, or

more frequently on request, to provide an update on the progress of the

study, discuss the issues raised by the study and come to agreement on

resolution of issues and/ or concerns regarding the study.

Thirty (30) days before completion of the study, the Licensee will issue a

draft final report to enable the Minister to input into the final report.

Within one hundred and eighty (180) days of the date of approval of the

terms of reference, the Licensee shall submit the study's final report to the

Minister. The final report shall not be deemed final until approved by the

Minister.

The Licensee shall report to the Minister within twenty-four (24) hours all

incidences of gas flaring, whether within or without the parameters set

forth herein, and the reasons for such flaring.

The Licensee shall pay all fines imposed in respect of flaring in violation of

the Environmental Permit -



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b. by the EPA; and

c. in accordance with the terms of a framework to be established by the

Minister to compensate the Government. The fine shall be calculated

by applying the Government's profit gas and royalty percentage share

for a given month to the flared volumes multiplied by the lower of the

following: i) the Inside FERC Henry Hub Index price as published by

Platts each month, or ii) the sales price agreed for gas from the

Stabroek block, such price netted for the cost of pipeline transportation

to shore per thousand standard cubic feet of gas.

(t)



Produced Water



(i)



The Licensee shall update its base design for the Project to include (i) tie in

points and (ii) space for produced water injection equipment.

(ii)

Within thirty (30) days of the date of Environmental Permit, the Licensee

shall submit to the Minister and EPA for approval, terms of reference for a

study detailing a. the costs, benefits, and feasibility of implementing a system for the reinjection of produced water, save and except in defined unavoidable

situations, as the primary disposal method; and

b. the minimization of the effects of discharging produced water into the

ocean in keeping with accepted international standards. Within one

hundred and eighty (180) days of the date of the Minister's approval of

the terms of reference, the Licensee shall complete the study's final

report.

(iii)

During the pendency of the study the Licensee shall meet with the

Minister and/ or his representatives no less than every thirty (30) days, or

more frequently on request, to provide an update on the progress of the

study, discuss the issues raised by the study and come to agreement on

resolution of issues and/or concerns regarding the study.

(iv) Thirty (30) days before completion of the study, the Licens

draft final report to enable the Minister to provide input

report. The final report shall not be deemed final until ap

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Minister, taking into account whether the report meets the terms of

reference and all related best practice technical standards.

(u)



Formation Integrity



(i)



(ii)



(iii)



(v)



Except for periods where fracture test(s) are conducted on injection wells

to estimate formation fracture pressures, injection well pressures must be

targeted to operate at least fifty (50) psi below the most recently estimated

formation fracture pressure, as periodically estimated through injection

tests or other surveillance techniques.

The Licensee shall within ninety (90) Days of the date of the Licence

provide a plan to conduct the fracture test(s) and to implement this in its

operations.

The plan shall not be deemed final until approved by the Minister, taking

into account whether the report meets the terms of reference and all

related best practice technical standards.

Block Seismic Activity



(i)



(ii)



(iii)

(iv)



Licensee shall complete an analysis of natural seismic activity and

magnitude from events such as earthquakes, volcanoes, etc. The analysis

must consider the potential impact of the injection of fluids on such

activities.

Within thirty (30) days from the date of the Licence, the Licensee will

propose for approval by the Minister, terms of reference for a study to

investigate and analyse seismic activity, including events such as

earthquakes, volcanoes, etc., such study to include the potential

contributory impact of the injection of fluids on the triggering of such

P.VP.nts. Snrh stncly shall also inrlu
environment, cost and economics.

Within one hundred and eighty days (180) days of the approval of the

terms of reference, the Licensee will complete the study's final report.

During the execution of the study, the Licensee will meet with the ·1~·.a-- ....

and/or his representatives at least once in each thirty (30) da

more frequently as requested, to provide an update on the p

study, discuss the issues raised by the study and come to a

resolution of issues and/or concerns regarding the study.

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(w)



(i)



(ii)



(iii)



(iv)



Thirty (30) days before completion of the study, the Licensee will issue a

draft final report to enable the Minister to input into the final report. The

report shall not be deemed final until approved by the Minister, taking

into account whether the report meets the terms of reference and all

related best practice technical standards.

Abandonment

Agreement



Programme;



Decommissioning



Security



Within thirty (30) days of the date of the Licence, the Minister and/ or his

representatives and the Licensee shall meet to discuss and determine the

key principles to be addressed in the Stabroek Block Decommissioning

Security Agreement.

Within thirty (30) days from the conclusion of the discussions described in

sub-paragraph (i) above, the Licensee shall submit to the Minister for

review and further development, a draft Stabroek Block Decommissioning

Security Agreement, such draft to contemplate timely posting of security

for anticipated decommissioning costs following the methodology and

approach contained in the United Kingdom Industry Model Form

Decommissioning Security Agreement (Non-PRT) (October 2015) or

consistent with other similar international best practice standards.

Within thirty (30) days of the Minister providing comments on the draft

Stabroek Block Decommissioning Security Agreement, the Licensee and

the Minister and/or his representatives shall meet for further discussions,

such discussions to be had through meetings, which may include a

workshop discussion forum.

Within nine (9) months of the date of completion of the further

discussions, the Joint Venture Licensees shall use reasonable commercial

efforls to agree, and no later than 31st March, 2022 shall agree, on a final

version of the Stabroek Block Decommissioning Security Agreement,

which shall contemplate timely posting of security for anticipated

decommissioning costs following the methodology and approach

contained in United Kingdom Industry Model Form Decommissyi~ ~-...

Security Agreement (Non-PRT) (October 2015) or consistent.

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similar international best practice standards, and they will ~ •

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later than the said 31st March 2022, the mutually accepta ~ t .·

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Block Decommissioning Security Agreement to the Ministe io

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prior to signing by the Joint Venture Licensees, and the Agreement shall

be signed by the Licensees no later than twenty (21) days after the Minister

indicates completion of his review.

(x)



Licence Transfer



(i)



(ii)



(iii)



(iv)



(v)



(y)



This Licence shall not be transferred without the written consent of the

Minister. Further, the Licensee shall furnish all details of any proposed

transfer at the time of making the application for the transfer.

The Licensee may apply to the Minister for the transfer of this Licence in

accordance with requirements set forth by the Minister, by the Act, by

Regulation and the Petroleum Agreement, and shall fulfill any other

financial obligations and/or requirements under the laws of Guyana.

The Licensee shall, in a timely manner, submit all documentation and

make available such information as the Minister shall reasonably require

to enable the Minister to dispose of the application.

The Minister may refuse the application for the transfer of this Licence, if

in his opinion, the person to whom the Licence is proposed to be

transferred does not meet the same qualifications and capability to do the

work, as the Licensee, if there has been a failure or refusal to furnish

documents and information as requested, or for such other reason as the

Minister shall determine.

Where the Minister approves the transfer of this License, the person to

whom the Licence is transferred (the "Transferee") shall be required to

comply with the provisions of the Act, Regulations, this Licence, the

Petroleum Agreement, the Development Plan and any other instrument to

which this Licence may be subject as though the Transferee was the

original Licensee.

Insurance



Licensee shall effect at all times during the term of this Licence, insurance as

required by and in accordance with Article 20.3 of the Petroleum Agree



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(z)



Duties of the Licensee

(i)



(ii)



The Licensee undertakes to and shall carry out all activities under this

Licence in compliance with the provisions of the Act, Regulations, this

Licence, the Petroleum Agreement, the Development Plan, any other law

and/or instrument and/ or agreement with the Government to which this

Licence may be subject, as may be amended, enacted or modified from

time to time, and in keeping with good international oilfield practice.

The Licensee may, with the written approval of the Minister, amend the

Development Plan with respect to work and expenditure contained in the

Development Plan, but the amendment shall not have effect so as to

reduce any minimum requirements.



(aa) Independent Audit

(i)



(ii)



(iii)

(iv)



The Licensee shall facilitate and fully cooperate with annual audits of

Safety Critical Drilling and Production Operations, including waste

management, and compliance conducted by the Chief Inspector, pursuant

to Section 61 of the Act.

Within thirty (30) days of this Licence and annually on such date

thereafter for a total of five (5) consecutive years, the Licensee shall pay to

an account held and controlled by the Government the amount of four

hundred thousand USD (USD400,ooo.oo), to be used by the Government

for procurement of third party auditors to supplement the Chief

Inspector's resources and develop institutional capacity for the ongoing

conduct of audits under this paragraph. The Licensee shall verify such

account and the Minister agrees to cooperate, assist and provide the

Licensee any information it requires to conduct such verification.

The first such audit shall be targeted to conduct an assessment for

calendar year 2020, and shall be conducted annually thereafter.

The Licensee shall meet with the Chief Inspector, at his request, to ensure

any issues, concerns and/or recommendations arising out of the aud· ·

complied with and/or addressed in a manner satisfactory to the · i r,..



as being in keeping with good international oilfield practices.



Petroleum Production Licence - Page



2020-09-25



I 16 of 20



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(bb) Reserves Reporting

(i)



(ii)



(iii)



Within twelve (12) months the Licensee shall submit to the Minister the

necessary data and information in the Licensee's possession required for

the Government to utilize in its own PRMS. The Minister shall request

more data or information to support such effort as he deems necessary.

The Licensee agrees to cooperate with the Chief Inspector and/or the Chief

Inspector's procured reserves assessor in developing the Government's

independent assessment of reserves. This cooperation shall include

providing reasonable access to the required petroleum data in the

Licensee's possession necessary to the Chief Inspector and/or the Chief

Inspector's procured reserves assessor's evaluation and/or reports.

The Licensee shall no less frequently than bi-annually, review its

development planning activities with the Minister.



(cc) Legal Conditions

(i)

(ii)



(iii)



(iv)



(v)



(vi)



The Licensee shall comply with the terms of the Petroleum Agreement in

all material respects;

The Licensee shall comply with all lawful orders and decisions of the

Minister and such other officers and functionaries of the Government with

applicable authority;

This Licence and all activities of the Licensee are subject to the laws and

regulations of the Cooperative Republic of Guyana in force at any given

time. Accordingly, the Licence does not limit the general right of the state

to impose taxes nor the authority of the state to propose general provisions

in respect of specific aspects of petroleum activities.

The Licence does not exempt the Licensee from obtaining other licences,

permits and approvals which are necessary according to the Act or other

applicable laws.

The Licensee shall abide by all applicable laws and regulations of the

Cooperative Republic of Guyana.

This Licence and its conditions shall be interpreted and applied~- · -.._

manner that is consistent with and gives effect to the terms and

~~1i!Iit..q

of the Petroleum Agreement.

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Petroleum Production Licence - Page

2020-09-25



I 17 of 20



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3. (1) The Licensee shall pay to the Government within the period specified therefor

by the Chief Inspector, royalty in respect of petroleum obtained by him in the

production area to which this Licence relates at the rate of two (2) per centum of

the production won and saved from the production area or where arrangements

are made in the Petroleum Agreement for payment of royalty in kind wholly or in

part, by making such payment and/ or deliveries in accordance with aforesaid

arrangements.

(2) Subject to the provisions of the Petroleum Agreement, all petroleum that is



proved to the satisfaction of the Minister to have been used by the Licensee

within the production area for fuel or transportation in petroleum operations

shall be free of royalty.

4. The annual licence rental charge referenced in Article 10 of the Petroleum

Agreement includes and satisfies the rental charge payable in respect of the

production area to which this Licence relates.

5. Unless the context otherwise requires, the terms and expressions used in this

Licence shall have the same meaning as in the Act and Regulations, and if not

therein defined, in the Petroleum Agreement.

[Remainder ofPage Intentionally Blank]



Petroleum Production Licence - Page

2020-09-25



I 18 of 20



IN WITNESS WHEREOF, I Honourable Vickram Bharrat, Minister of Natural

Resources and the Minister Responsible for Petroleum, have granted this Licence and

set my hand and affixed the seal and the Licensee has set his hand and seal, the day,

month and year first herein above written.



Witnesses:



Signed by:

The Minister Responsible for Petroleum

Representing the Government of the

Cooperative Republic of Guyana



Name: Joa



. ....£~ . . . .. . ,.



a E. Simmons



Ministry of Natural Resources



Honourable.Vic_

Minister of Natural

Minister Responsi



2 ....



w



/}_) ,11 (J}v,

.!.~0.~

...... .f.J.......................



Name: Paul R. Wills

Esso Exploration and Production Guyana

Limited

Witnesses:



Signed By:

Esso Exploration and Production Guyana

Limited



~~~~;-~



1 .... .. . . . ............ ........... ............ .



Name: Joanna E. Simmons

Ministry of Natural Resources



.... ..... .



fJJ fl wJl



Designation: President



2 ...... . .. .... . .... ... ........................ .



~

"'••



, u.-i-.:. . !'.fame: Paul R. Wills



-~,\; ooH•eo . ~ , ,.



~~ • • •



.



.



'E_§,~~ Exploration and Production Guyan_a_ ___



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Petroleum PrcrcttfcUon Licence - Page

2020-09-25



I 19 of 20



Witnesses:



Signed By:

CNOOC Petroleum Guyana Limited



..... .d~.t.1J.ll/... ...



Name: Joann E. Simmons



Name: Anand Gohil



Ministry of Natural Resources



Designat·



·---... ed Signatory



t.~.n. 1✓.:JJ.:....



2 .. . ... ..



Q;,,o



••



Name: Paul R. Wills



;' '!



:- .7

/,



Esso Exploration and Production Guyana

Limited

Witnesses:



Signed By:



Hess Guyana Exploration Limited



Ministry of Natural Resources



f?,, , //lwJl

.1:. ................... .



2 ........... ~ ..



Name: Paul R. Wills

Esso Exploration and Production Guyana

Limited



Petroleum Production Licence - Page

2020-09-25



I 20 of 20



SCHEDULE



Description and map of the block or blocks in the production area

Identification of the block or blocks within the production area



P.TU



.



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-:



'ii>

0



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SCHEDULE

DESCRIPTION OF PAYARA PETROLEUM PRODUCTION LICENCE AREA



Description of area to be granted under Petroleum Production Licence pursuant to the

Petroleum (Exploration and Production) Act. No. 3 of 1986

The area comprises approximately 279.6 square kilometers described herein consisting

of graticular blocks identified herein and shown on Block Reference Map attached.

Latitude and Longitude Measurements are North and West respectively.



Point No.



Latitude



Longitude



1



8° 09' 58.52448" N



057° 01' 49-48284" w



2



8° 20' 27.49200" N



057° 03' 39.04200" w



3



8° 20' 27.47700" N



056° 55' 01.67100" w



4



8° 14' 00.62628" N



056° 52' 03.35892" w



SCHEDULE

DESCRIPTION OF PAYARA PETROLEUM PRODUCTION LICENCE AREA

(Cont.)



The following five (5) by five (5) minute square graticular blocks describe the area.

These blocks are shown on the block reference map attached.



BlockK

BlockL



85*, 86*, 97, 98*, 109*, 110*



* denotes part block



p.TU



/.JJ



/;;



-



0







.







"' .







. .-=.



C:



,,



ANNEXB

MAP OF CONTRACT AREA

STABROEK BLOCK PAYARA PRODUCTION AREA



59"35'0'"\N W25'0-W 59"15'0-W 5'1'5'0"'W 58'5$'0"'\V Sl'-t!l'O'W S8'15'0'VI 58'25'0"W S0-15'0"\."/ 5fl'5~V S7'55'0'Vo' 57•, s'0'\'1 51' 35'0"'\l'I 57•2svw 57' 15'0"\Y 57"!,U'W 59'55'll'W 59'45'0"W 5S'l 5'0"W !'.6'2$'0"W' 5e"15'0"W 5fl'S'O'\Y



---------



1!)"5'0"N



10'0'0"N



---------------·



Coordinate Reference System

,ms_1984_Un.1_Zone_21N



10'WN



Pro}ectlon: Transverse_Mercator

Fal se_Eastl'lg: 500000.0



False_Northing: 0.0

Central_Meridian: .S7.0

Scale_Factor: 0.9996

Latitude_01_0rigln : O O



Linear Unit Meler ( 1.0)



Datum: O_YVGS_1984

Prime Meridian: Greenwich {0.0)



&'ISVN



ii,,,



:I Stabroek Block I '.' .

'OVN



'50'0"N

S' 4$'0"N



,'91



' "'



,..



'25'0"N



"'"2~.,. .-... 3~

I'>,



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t'" .....



.lv ~" .,.

,,:11,



,a



..



7' 50'0"N



,,,....,.

25



5a")5'0'\'/ ~



Kilometers

50



• N'"



:Jr.



NO<>'N



r , svN



r,..-,.

r35VN

r>O'O'N

r2S'O"N



S'O"W 5'1' 15'0'W SQ"S'O"W 58'55'0"W 58"45'0'W 58>:lS'O"W Sl'25'0'W 58"1S'O"W 58'S'O'W 57•55,rw 57'45V'W Sr-36VW 57'2Sr.t"W SF IS"D"W 51' 51rW 56'5S'O'W 58' 45'0"W 58'3S'O"N se-'2S'O"W 58'15'G"VI ~



SCHEDULE

CROSS LICENCE RESERVOIRS

THE PARTS OF RESERVOIRS WITHIN THE PAYARA PETROLEUM

PRODUCTION LICENCE AREA AND ALSO WITHIN THE PRODUCTION

AREA DESCRIBED AND IDENTIFIED IN AND SUBJECT TO PETROLEUM

PRODUCTION LICENCE NO. 971/2017, DATED 15TH JUNE 2017 (THE "LIZA

PRODUCTION LICENCE") GRANTED FOR THE STABROEK BLOCK LIZA

PRODUCTION AREA (THE "LIZA PRODUCTION AREA") (the "CROSS

LICENCE RESERVOIRS") SHOWN HERE ARE ILLUSTRATIVE AND THE

RESERVOIR BOUNDARIES ARE NOT DEFINITIVE.



CJPayara PL Area



"'



.

....

Liu NOC



Laa Flllld NOC



4--



a,.a ncllde
PayaraFOP



""'



'

Legend



UC



Payara. Pacora. and

Liza Deep Reservoirs



I



Liza Field







,,,



..







Soo!Mm ex:9111 or

Lila flDC are•

(&soma:~)



...



SCHEDULE

CROSS LICENCE RESERVOIRS

THE PARTS OF RESERVOIRS WITHIN THE PAYARA PETROLEUM

PRODUCTION LICENCE AREA AND ALSO WITHIN THE PRODUCTION

AREA DESCRIBED AND IDENTIFIED IN AND SUBJECT TO PETROLEUM

PRODUCTION LICENCE NO. 971/2017, DATED 15TH JUNE 2017 (THE "LIZA

PRODUCTION LICENCE") GRANTED FOR THE STABROEK BLOCK LIZA

PRODUCTION AREA (THE "LIZA PRODUCTION AREA") (the "CROSS

LICENCE RESERVOIRS") SHOWN HERE ARE ILLUSTRATIVE AND THE

RESERVOIR BOUNDARIES ARE NOT DEFINITIVE (Cont.)



·+



• L-<•P1- t t>e,~,,,_w....

• U l • ~ 2 ~ J \111111



• P..-,<11• 0..-tli:S)n'trt W•41

□Payan p,_...,



P\. k u



--uorc«1rcoc



7



'""'""101'



:io,.,,..,,"

v~hOC



41,...,



Legend



Piyara Paca;;, ml

I~ Dee~ Reser/Olis



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-



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I



.



~



/



,- . ·~·



·---



SCHEDULE

CROSS LICENCE RESERVOIRS

THE PARTS OF RESERVOIRS WITHIN THE PAYARA PETROLEUM

PRODUCTION LICENCE AREA AND ALSO WITHIN THE PRODUCTION

AREA DESCRIBED AND IDENTIFIED IN AND SUBJECT TO PETROLEUM

PRODUCTION LICENCE NO. 971/2017, DATED 15™ JUNE 2017 (THE "LIZA

PRODUCTION LICENCE") GRANTED FOR THE STABROEK BLOCK LIZA

PRODUCTION AREA (THE "LIZA PRODUCTION AREA") (the "CROSS

LICENCE RESERVOIRS") SHOWN HERE ARE ILLUSTRATIVE AND THE

RESERVOIR BOUNDARIES ARE NOT DEFINITIVE (Cont.)



• Liza Phase 1 Development Wells

• Liza Phase 2 Development Wells

• Payara Development Wells

c:J Payara PL Area



Payarllicense Appffl:ation Polygd'n

Pa a



irs:



eloping this area



...



10«



1111(



,,,.



....



"""



....



llll



Li.a Reservoirs

L) ;tiny, Unity,

Payara FPSO$

... .,eloping this 111



'""



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eXlent or



1

t .t.1,C



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r,a IIOC .,...



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Destiny PSO -



IC



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,·c



,., Liza License.,,._Polygon,,._

-



unityFPSO



-~✓

,,o



•• l



lo



Kilcnwte,s



a



,o(



SCHEDULE

CROSS LICENCE RESERVOIRS

THE PARTS OF RESERVOIRS WITHIN THE PAYARA PETROLEUM

PRODUCTION LICENCE AREA AND ALSO WITHIN THE PRODUCTION

AREA DESCRIBED AND IDENTIFIED IN AND SUBJECT TO PETROLEUM

PRODUCTION LICENCE NO. 971/2017, DATED 15TH JUNE 2017 (THE "LIZA

PRODUCTION LICENCE") GRANTED FOR THE STABROEK BLOCK LIZA

PRODUCTION AREA (THE "LIZA PRODUCTION AREA") (the "CROSS

LICENCE RESERVOIRS") SHOWN HERE ARE ILLUSTRATIVE AND THE

RESERVOIR BOUNDARIES ARE NOT DEFINITIVE (Cont.)



ClPayaraPLAraa



,,



"'



/ Pay;uaPPL

,;-;_,



,:i~



'"



r,



~



"'



'



I







"'



....

+-



Lrai FIO&l



tmc



area mei'J<.WJ m

Pay¥a FOP



'

Legend



Payara, Pacora, and

Uza Deep Reservoirs

Liza Field



I

D



' '

+1~



$.;!i!.hllmM~ntr;f

L11<1 t!DC ar&J

(ol~)



·~



SCHEDULE

CROSS LICENCE RESERVOIRS

THE PARTS OF RESERVOIRS WITHIN THE PAYARA PETROLEUM

PRODUCTION LICENCE AREA AND ALSO WITHIN THE PRODUCTION

AREA DESCRIBED AND IDENTIFIED IN AND SUBJECT TO PETROLEUM

PRODUCTION LICENCE NO. 971/2017, DATED 15™ JUNE 2017 (THE "LIZA

PRODUCTION LICENCE") GRANTED FOR THE STABROEK BLOCK LIZA

PRODUCTION AREA (THE "LIZA PRODUCTION AREA") (the "CROSS

LICENCE RESERVOIRS") SHOWN HERE ARE ILLUSTRATIVE AND THE

RESERVOIR BOUNDARIES ARE NOT DEFINITIVE (Cont.)



j t:I Poy•,. PL Area

.,...



I



"'



-



...



-



Legend



Payara. Pacora. and

Liza Deep Reservoirs

Liza Field









.,







I









-



....



.,..



,,.,



·f



SCHEDULE

CROSS LICENCE RESERVOIRS

THE PARTS OF RESERVOIRS WITHIN THE PAYARA PETROLEUM

PRODUCTION LICENCE AREA AND ALSO WITHIN THE PRODUCTION

AREA DESCRIBED AND IDENTIFIED IN AND SUBJECT TO PETROLEUM

PRODUCTION LICENCE NO. 971/2017, DATED 15™ JUNE 2017 (THE "LIZA

PRODUCTION LICENCE") GRANTED FOR THE STABROEK BLOCK LIZA

PRODUCTION AREA (THE "LIZA PRODUCTION AREA") (the "CROSS

LICENCE RESERVOIRS") SHOWN HERE ARE ILLUSTRATIVE AND THE

RESERVOIR BOUNDARIES ARE NOT DEFINITIVE (Cont.)



c::JPayara PL Arta



""



"'



I



Payara PPL



I

...



""



....



'"-



..

.,..



,,..



....



Legend

Payara, Pacora, and

Liza Deep Reservoirs

Liza Field









"



'"'



.



"'



I,







..,......







·-I"



SCHEDULE

CROSS LICENCE RESERVOIRS

THE PARTS OF RESERVOIRS WITHIN THE PAYARA PETROLEUM

PRODUCTION LICENCE AREA AND ALSO WITHIN THE PRODUCTION

AREA DESCRIBED AND IDENTIFIED IN AND SUBJECT TO PETROLEUM

PRODUCTION LICENCE NO. 971/2017, DATED 15TH JUNE 2017 (THE "LIZA

PRODUCTION LICENCE") GRANTED FOR THE STABROEK BLOCK LIZA

PRODUCTION AREA (THE "LIZA PRODUCTION AREA") (the "CROSS

LICENCE RESERVOIRS") SHOWN HERE ARE ILLUSTRATIVE AND THE

RESERVOIR BOUNDARIES ARE NOT DEFINITIVE (Cont.)



I□Pay,,.



PLAtta



I



...



I



...,

,...



..



...

Payera PPl



j



...



.



....



"'



....



,,,.,



...



Legend



Payara. Pacora, and

Liza Deep Reservoirs



I



Liza Field







.,..



·a



'l":



lo



I



-~

J



·f



SCHEDULE

CROSS LICENCE RESERVOIRS

THE PARTS OF RESERVOIRS WITHIN THE PAYARA PETROLEUM

PRODUCTION LICENCE AREA AND ALSO WITHIN THE PRODUCTION

AREA DESCRIBED AND IDENTIFIED IN AND SUBJECT TO PETROLEUM

PRODUCTION LICENCE NO. 971/2017, DATED 15TH JUNE 2017 (THE "LIZA

PRODUCTION LICENCE") GRANTED FOR THE STABROEK BLOCK LIZA

PRODUCTION AREA (THE "LIZA PRODUCTION AREA") (the "CROSS

LICENCE RESERVOIRS") SHOWN HERE ARE ILLUSTRATIVE AND THE

RESERVOIR BOUNDARIES ARE NOT DEFINITIVE (Cont.)



I



c:::JPayara PL Arta



I



.

.. + ..



1,-:



..



....



Legend



Payara, Pacora, and

Liza Deep Reservoirs

Liza Field









"



"'







I



.......

'



""



,,._



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SCHEDULE

XI Development Cost Estimates

X2 Operating Cost Estimates



X1 - DEVELOPMENT COST ESTIMATES

FEED/ Pre-FID



SURF FEED

FPSOFEED

Offshore Campaign - Geotech / EBS Sampling/ Drill String Removal



Subproject Costs (FPSO and SURF)



FPSO (EPC1)

FPSO Purchase (Start of Yr 2)

Hull / Marine



Vessel Tanker

Marine Systems

Riser Balcony & Mooring Porch

Moorings

Fluid Offloading Lines

Engineering

Project Management

Construction Management

Topsides



Bulks - Material

Equipment

Fabrication

Yard Integration and Commissioning

Engineering

Project Management

Construction Management

OtherEPC



FPSO Transportation



FPSO Offshore Installation Mobilization & Demobilization

Offshore Hook-up and Commissioning

Contractor Other



Contingency

Risk, Overhead

Insurance

Construction Financing

Bank Guarantee

FPSO (1-yr Lease + Debt Financing)

FPSO (Lump Sum Payments)

FPSO (CAPEX Spend: Provisional Sums, Allowances, Options)

Contractor Pre-SU Ops (RFO Contract)

SURF

Subsea Systems (EPC2)



Goods Lump Sum Costs

Subsea Tree System Equipment



Production Tree System

Injection Tree System Smart

Gas Injection Tree System

Tree and THS Handling and Installation Tools

Tree System ROV Tools

ROV-Based Workover Control System

Manifold Systems



Production Manifold System (including Foundation)

Water Alternating

Foundation)



Gas



Manifold



System



(including

i:>-; u ll<:i{



Manifold System ROV Tools

Manifold Installation Tooling



Xl- DEVELOPMENT COST



Well Jumpers



Production Well Jumpers

Water Injection Well Jumpers

Gas Injection Well Jumpers

Well Jumper Tools

Flowline Jumper Connectors and FLET / PLET Equipment



Production Flowline Jumpers

Gas Injection Pipeline Jumpers

Water Injection Pipeline Jumpers

Flowline/Pipeline Jumper Tools

Flowline/Pipeline Structure Items

Flowline/Pipeline Structure Tools

Subsea Controls System



Tree Controls

Manifold Controls

Topside Controls

Umbilical Termination Assemblies

Subsea Distribution Units

Flying Leeds

Controls System Tools

Services Estimate

Lump Sum



SRTs in Guyana

Reimbursable Estimate



Field Support Services

Offshore Installation, HUC & SU Assist

EPC4 Offshore HUC Support

Guyana Base Facility Fee



Other Costs (Provisional Sums, Allowances, Options



Risers/ Flowlines (EPC3 Goods)

Goods Lump Sum Costs

12" /10"



Production System (Prod)



Jumpers

Flowlines

ITAs and FLETs

Risers

Riser & Flowline seamless line pipe

Wet Insulation coating

12"



Gas Injection System (GI)



Jumper

Flowlines

FLET

Riser

Riser & Flowline seamless line pipe

Water Injection System (WI)

12" Jumpers



16" Flowline

FLETs

12"



Risers



Riser & Flowline seamless line pipe

Early Works Contract



PMT

Engineering



Other Costs (Provisional Sums, Allowances, Optio ~p.TU R-4<



ftO .~to, . -?~



Flexible Flowlines (EPC4)



,-.

VI



-



Xl - DEVELOPMENT CO



l

·"

:····•··'·



f ..



{:'



.~



•;



0



C



:.r,



Goods Lump Sum Costs

Flexible Risers

Risers

Ancillaries (I-tube extensions, FES bend stiffener connector,

bend restrictors etc.)

Subsea Mating Flanges

Buoyancy Modules (Lazy Wave)

Lump Sum Storage (3 Months)

Equipment for Loadout

Sheathing Repair Kits



Other Costs (Provisional Sums, Allowances, Options)

Umbilical-Engr/M&F(P01)



Lump Sum Costs

Dynamic Umbilicals

Detailed Engineering

Qualification/Verification Testing

Procurement

Fabrication & Construction

Testing (Including equipment)

Spares and Consumables

Infield Static Umbilicals

Detailed Engineering

Qualification/Verification Testing (if applicable)

Procurement

Fabrication & Construction

Testing (Including equipment)

Spares and Consumables

Reel Rental for 20 days (2 off 11-4m reel, 4 off 9.2

mob/demob upon return



Spreader Bar & Rigging Rental for 20 days (2 off spreader

bars, 4 off sets of rigging) and mob/demob upon return



Other Costs (Provisional Sums, Allowances, Options)

Riser Hang-off System -FleJ/joints (P03)



Lump Sum Costs

Other Costs (Provisional Sums, Allowances, Options)

LLI - Large Bore Valves (P05)



Lump Sum Costs

Other Costs (Provisional Sums, Allowances, Options)

SURF Tieback & Installation Services (EPC3)

Services Lump Sum Costs

12"/10"



Production System (Prod)



Jumpers

Flowlines

ITAs and FLETs

Risers

Riser & Flowline seamless line pipe

Wet insulation coating

12"



Gas Injection System (GI)



Jumper

Flowlines

FLET

Riser

Riser & Flowline seamless line pipe

Water Injection System (WI)

12"



Jumpers



16" Flowline

FLETs

12"



Risers



Riser & Flowline seamless line pipe



Subsea T&I

Manifolds

SDU, UTA

Piles

Flying Leads

Umbilicals

Well Jumpers



Other Costs (Provisional Sums, Allowances, Options)

Logistics



Marine

Aviation

Shorebase & Warehouse Services

Offshore Facilities Fuel

Waste Management Services

Projects (Berth/ Hanger)



Digital Infrastructure / Down Hole Fiber Optic



DFHO Interrogators (PO6 - Halliburton)

Fiber Optic Cable (to Liza Ph2 hub)/ DHFO Wells Equip/Qua/.

DHFO Wells Equipment/ Qualification

Digital Strategies Growth Allowance

Owners Cost

PMT



PMT

Non-PMT



3P WO for FPSO

3P WO for SURF



EM Pre-SU Ops

SSHE 3rd Party

3rd Party Inspection

Vessel Management Team

Third Party Miscellaneous

Affiliate Support/ Intercompany

EEPGL allocation

CAR Insurance (SURF only)

Subsea Chemicals - 1st Fills

Project Risk Allowance

Development Drilling Costs



Xl - DEVELOPMENT CO~M



X2 - OPERATING COST ESTIMATES

Total Operations

Operations

Labour



EMExpat

EM National

SBMExpat

SBM National

Other 3P Contractor

Non-Labour Operating Costs



EM Engineering Support

Materials

Topside & Subsea Chemicals

Chemicals Rental Equipment / Personnel

Insurance

Contingency

Maintenance Repair & Inspection

Labour



EMExpat

EM National

SBMExpat

SBM National

Non-Labour Maintenance Repair & Inspection



EM SURF Maintenance Repair and Inspection

SBM 3P Contracts

Materials

Other Maintenance Repair & Inspection

Contingency



Logistics



Logistics Operations Expat

Logistics Operations National

Marine Support AHTS

Marine Support MPV

Marine Supply Vessel PSV

Marine Supply Vessel PSV

Marine Fuel

Helicopter

Fixed Wing

Shorebase and Warehouse Ops

Waste Management

Other Logistics

Contingency



Well Work

Asphaltene / scale remediation

Well intervention/ workovers

Reservoir data acquisition (PVT, tracer, etc.)

Contingency

Cost Above Field

Affiliate Technical Support



Subsurface Ops Team

Surface Technical Ops Team

Operations Management

Non-Operations Management



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Global Technical Support



Maintenance, Reliability, Integrity Support



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Reservoir and Geoscience Support



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0



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Affiliate Business Support



Finance

Procurement

Safety and Environmental

EEPGL Corporate Services

Contingency