Contents:

1 Table Of Contents 2 1.1 List of Tables 8 1.2 List of Figures 10 2 The Netherlands Energy Sector 11 2.1 Market Overview 11 2.2 Natural Gas 12 2.2.1 Overview 12 2.2.2 Supply and Demand Balance 12 2.2.3 Regulatory Structure 18 2.2.4 Infrastructure 19 3 The Netherlands Fiscal Regime 20 3.1 The Netherlands Petroleum Fiscal Environment 20 3.2 License terms 21 3.3 Key Fiscal Terms 22 3.4 Sample Cashflows Calculations 27 4 The Netherlands Gas Upstream Investment Environment Benchmarking 28 4.1 Introduction 28 4.2 The Overall Ranking 28 4.3 Upstream Fiscal Attractiveness 29 4.3.1 Maximum Government Take Index 30 4.3.2 Maximum State Participation 30 4.4 Gas Sector Performance 31 4.4.1 Exploration Activity 33 4.4.2 Gas Production 34 4.4.3 Gas Reserves 34 4.4.4 Consumption 35 4.5 Economic Performance 35 4.5.1 GDP Growth Index 37 4.5.2 FDI Confidence Index 37 4.5.3 Balance of Trade Index 37 4.6 Socio-Political Performance 37 5 Netherlands Exploration and Production Sector 40 5.1 Netherlands Exploration and Production Sector, Country Snapshot 40 5.1.1 Netherlands Exploration and Production Sector, Key Data 40 5.2 Netherlands, Exploration And Production Assets Map 40 5.3 Netherlands Exploration and Production Sector, Marketed Natural Gas Production 41 5.3.1 Netherlands Exploration and Production Sector, Marketed Natural Gas-Historical Production 41 5.3.2 Netherlands Exploration and Production Sector, Marketed Natural Gas Production by Assets 42 5.3.3 Netherlands Exploration and Production Sector, Marketed Equity Weighted Natural Gas Production by Company 46 5.3.4 Netherlands Exploration and Production Sector, Market Share based on Marketed Natural Gas Production 48 5.4 Netherlands Exploration and Production Sector, Forecasts 50 5.4.1 Netherlands Exploration and Production Sector, Marketed Natural Gas Forecasted Production 50 5.4.2 Netherlands Exploration and Production Sector, Gross Revenue Forecast 52 5.4.3 Netherlands Exploration and Production Sector, Government Take Forecast 54 5.4.4 Netherlands Exploration and Production Sector, Contractor Take Forecast 56 6 Netherlands Pipeline Sector 58 6.1 Netherlands Pipeline Sector, Key Data 58 6.2 Netherlands Pipeline Sector, An Overview 58 6.3 Netherlands Pipeline Sector, Comparision of Key Natural Gas Pipeline Companies 58 6.4 Netherlands Pipeline Sector, Natural Gas Pipelines 60 7 Netherlands LNG Sector 64 7.1 Netherlands LNG Sector, Key Data 64 7.2 Netherlands LNG Sector, Regasification 64 7.2.1 Netherlands LNG Sector, Regasification, Total Regasification Capacity 64 7.2.2 Netherlands LNG Sector, Regasification, Capacity-Wise Market Share By Company 66 7.3 Netherlands LNG Sector, Regasification, Asset Wise Capacity 67 8 Netherlands Undergound Gas Storage Sector 68 8.1 Netherlands Underground Gas Storage Sector, Key Data 68 8.2 Netherlands Underground Gas Storage Sector, An Overview 68 8.3 Netherlands Underground Gas Storage Sector, Capacity-Wise Market Share By Company 68 8.4 Netherlands Underground Gas Storage Sector, Storage Capacity 69 9 Profile of Total S.A. 70 9.1 Total S.A., Key Information 70 9.2 Total S.A., Company Overview 70 9.3 Total S.A., Business Description 70 9.3.1 Total S.A., Business Description, Business Overview 70 9.3.2 Total S.A., Business Description, Chemicals 71 9.3.3 Total S.A., Business Description, Downstream 72 9.3.4 Total S.A., Business Description, Upstream 73 9.3.5 Total S.A., Business Description, Major Products and Services 74 9.4 Total S.A., Value Chain Analysis 76 9.4.1 Total S.A., Value Chain Analysis, Upstream 77 9.4.2 Total S.A., Value Chain Analysis, Midstream 77 9.4.3 Total S.A., Value Chain Analysis, Downstream 78 9.4.4 Total S.A., Value Chain Analysis, Retail 79 9.5 Total S.A., SWOT Analysis 79 9.5.1 Total S.A., SWOT Analysis, Overview 79 9.5.2 Total S.A., SWOT Analysis, Strengths 80 9.5.3 Total S.A., SWOT Analysis, Weaknesses 81 9.5.4 Total S.A., SWOT Analysis, Opportunities 82 9.5.5 Total S.A., SWOT Analysis, Threats 83 9.6 Total S.A., Revenue Analysis 84 9.6.1 Total S.A., Revenue by Segment 84 9.6.2 Total S.A., Revenue by Geography 84 9.7 Total S.A., Financial and Operational Review 86 9.7.1 Financial Statements 86 9.7.2 Financial Ratios 87 10 Profile of Gaz de France 88 10.1 Gaz de France, Key Information 88 10.2 Gaz de France, Company Overview 88 10.3 Gaz de France, Business Description 88 10.3.1 Gaz de France, Business Description, Overview 88 10.3.2 Gaz de France, Business Description, Major Products and Services 90 10.4 Gaz de France, SWOT Analysis 90 10.4.1 Gaz de France, SWOT Analysis, Overview 90 10.4.2 Gaz de France SWOT Analysis, Strengths 91 10.4.3 Gaz de France, SWOT Analysis, Weaknesses 92 10.4.4 Gaz de France, SWOT Analysis, Opportunities 92 10.4.5 Gaz de France, SWOT Analysis, Threats 93 11 Profile of Energie Beheer Nederland B.V. 95 11.1 Energie Beheer Nederland B.V., Key Information 95 11.2 Energie Beheer Nederland B.V., Company Overview 95 11.3 Energie Beheer Nederland B.V., Business Description 95 11.3.1 Energie Beheer Nederland B.V., Business Description, Business Overview 95 11.3.2 Energie Beheer Nederland B.V., Business Description, Major Products and Services 96 11.4 Energie Beheer Nederland B.V., SWOT Analysis 96 11.4.1 Energie Beheer Nederland B.V., SWOT Analysis, Overview 96 11.4.2 Energie Beheer Nederland B.V., SWOT Analysis, Strengths 97 11.4.3 Energie Beheer Nederland B.V., SWOT Analysis, Weaknesses 98 11.4.4 Energie Beheer Nederland B.V., SWOT Analysis, Opportunities 99 11.4.5 Energie Beheer Nederland B.V., SWOT Analysis, Threats 99 11.5 Energie Beheer Nederland B.V., Revenue Analysis 100 11.5.1 Energie Beheer Nederland B.V., Revenue by Segment 100 11.6 Energie Beheer Nederland B.V., Financial and Operational Review 101 11.6.1 Financial Statements 101 11.6.2 Financial Ratios 102 12 Financial Deals Landscape 103 12.1 Detailed Deal Summary 103 12.1.1 Acquisition 103 12.1.2 Asset Transactions 109 13 Recent Developments 116 13.1 License Rounds 116 13.1.1 May 07, 2008: Angola Prequalifies 40 Oil Companies Under New Licensing Round 116 13.2 License Awards 117 13.2.1 Jul 10, 2008: Shell To Sign PSA With Jordan 117 13.2.2 Jun 19, 2008: Four Western Oil Firms To Sign Oil Contracts With Iraq 118 13.2.3 Jun 12, 2008: NNPC To Take Over Shells Ogoni License 118 13.2.4 May 18, 2008: Iraq Asks International Oil Firms To Submit Final Deal Proposals 119 13.2.5 Apr 09, 2008: Island Wins Q13b Exploration License, Offshore Netherlands 122 13.3 Strategy and Business Expansion 123 13.3.1 Aug 10, 2008: Shell And Jordan In Discussions To Extract Oil From Shale Reserves In The Nation 123 13.3.2 Jun 28, 2008: RIL To Choose A Partner To Bid For Nelp Blocks 124 13.3.3 Jun 26, 2008: Shell, BPZ To Jointly Explore For Oil And Gas In Northern Peru 125 13.3.4 Mar 25, 2008: PKN Orlen Registers New Company In Netherlands 125 13.3.5 Mar 17, 2008: Shell Agrees To Increase Oil Output In Nigeria 125 13.4 Recent Discoveries 126 13.4.1 Jul 04, 2008: Petrobras Announces Oil And Gas Discovery In Gulf Of Mexico 126 13.4.2 May 27, 2008: Total Discovers Gas And Condensates On Block B, Offshore Brunei 127 13.4.3 May 26, 2008: Petrobras Announces Discovery Of Hydrocarbons In Gulf Of Mexico Waters 127 13.4.4 May 21, 2008: Petrobras Finds Oil In Santos Basin Pre-Salt Layer 128 13.5 Drilling and Production Updates 129 13.5.1 Jan 21, 2009: NOP Provides Test Results Of Wijk en Aalburg And Brakel Gas Wells In Netherlands 129 13.5.2 Dec 22, 2008: NOP Provides Gas Testing Operations Update 130 13.5.3 Nov 11, 2008: Cirrus Plugs And Abandons Q14-3 Well In Netherlands 131 13.5.4 Oct 21, 2008: Cirrus Updates On Q14-3 Well In Block Q14, Offshore Netherlands 132 13.6 Financial Announcements 133 13.6.1 Jan 29, 2009: Shell Declares Q4 2008 Interim Dividend 133 13.6.2 Jan 29, 2009: Shell Reports Q4 2008 Results 135 13.6.3 Oct 30, 2008: Shell Reports 3Q 2008 Results 138 13.6.4 Oct 30, 2008: Shell Declares 3Q 2008 Interim Dividend 140 13.6.5 Jul 31, 2008: Shell Declares Quarterly Dividend 141 13.7 Other Significant Developments 141 13.7.1 Jan 19, 2009: NPN Commences Site Construction On Two Exploration Wells In Netherlands 141 13.7.2 Jan 05, 2009: Shell Appoints Non-Executive Director 142 13.7.3 Dec 04, 2008: NOP Updates On Its Netherlands Operations 142 13.7.4 Dec 04, 2008: Shell Appoints New Downstream Director 143 13.7.5 Dec 04, 2008: Shell Appoints New Non-Executive Director 144 13.8 New Contracts Announcements 144 13.8.1 Apr 21, 2008: Excelsior Selects Paradigm For Canadian Oil Sands Program 144 14 Appendix 146 14.1 Methodology 146 14.1.1 Coverage 146 14.1.2 Secondary Research 147 14.1.3 Primary Research 147 14.1.4 E&P Forecasts 148 14.1.5 Midstream Forecasts 149 14.1.6 Expert Panel Validation 149 14.2 Contact Us 150 14.3 About Us 150 14.4 Disclaimer 150 Executive Summary 1.1 List of Tables Table 1: The Netherlands, Historical and Forecasted Production and Consumption of Natural Gas, 1996-2020 13 Table 2: The Netherlands, Historical and Forecasted Import and Export of Natural Gas, 1996-2020 15 Table 3: The Netherlands, Historical Reserves of Natural Gas, 1996-2008 17 Table 4: Netherlands, Crude Oil and Natural Gas, Annual Surface Area Rental Rate, 2006 23 Table 5: Netherlands, Crude Oil Royalty Rate, 2007 24 Table 6: Netherlands, Natural Gas Royalty Rate, 2007 24 Table 7: Western Europe, Investment Benchmarking, Overall Country Rankings, 2008 28 Table 8: Western Europe, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 29 Table 9: Western Europe, Investment Benchmarking, Gas Sector Performance, 2008 31 Table 10: Western Europe, Investment Benchmarking, Economic Performance, 2008 35 Table 11: Western Europe, Country Standings, Economic Performance, 2008 36 Table 12: Western Europe, Investment Benchmarking, Socio-Political Performance, 2008 38 Table 13: Western Europe, Country Standings, Socio-Political Performance, 2008 38 Table 14: Netherlands, Natural Gas Key Statistics, 2008 40 Table 15: Netherlands, Total Marketed Natural Gas Production (MMcf), 2001-2008 41 Table 16: Netherlands, Total Marketed Natural Gas Production (MMcf), 2001-2008 41 Table 17: Netherlands, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 42 Table 18: Netherlands, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 (Cont’d) 43 Table 19: Netherlands, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 (Cont’d) 44 Table 20: Netherlands, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 (Cont’d) 45 Table 21: Netherlands, Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008 46 Table 22: Netherlands, Market Share (%) based on Marketed Natural Gas Production, 2001- 2008 48 Table 23: Netherlands, Marketed Natural Gas Production (MMcf), Forecast by Assets, 2009-2014 50 Table 24: Netherlands, Marketed Natural Gas Production (MMcf), Forecast by Assets, 2009-2014 (Contd.) 51 Table 25: Netherlands, Forecasted Assets-wise Gross Revenue (000$), 2009-2014 52 Table 26: Netherlands, Forecasted Assets-wise Gross Revenue (000$), 2009-2014 (Contd.) 53 Table 27: Netherlands, Projected Assets-wise Total Government Take (000$), 2009-2014 54 Table 28: Netherlands, Projected Assets-wise Total Government Take (000$), 2009-2014 (Contd.) 55 Table 29: Netherlands, Projected Assets-wise Total Contractor Take (000$), 2009-2014 56 Table 30: Netherlands, Projected Assets-wise Total Contractor Take (000$), 2009-2014 (Contd.) 57 Table 31: Netherlands, Pipeline Key Statistics, 2008 58 Table 32: Netherlands, Natural Gas Pipelines, 2008 60 Table 33: Netherlands, Natural Gas Pipelines, 2008 (contd.) 61 Table 34: Netherlands, Natural Gas Pipelines, 2008 (contd.) 62 Table 35: Netherlands, Natural Gas Pipelines, 2008 (contd.) 63 Table 36: Netherlands LNG Key Statistics, 2008 64 Table 37: Netherlands, Total Regasification Capacity (Bcf), 2000-2015 64 Table 38: Netherlands, Regasification Capacity, Company-wise (Bcf), 2000-2015 66 Table 39: Netherlands, Regasification Capacity, Company-wise (Bcf), 2000-2015 66 Table 40: Netherlands, Regasification Capacity (Bcf), 2000-2015 67 Table 41: Netherlands Underground Gas Storage Key Statistics, 2008 68 Table 42: Netherlands, Underground Gas Storage Capacity, Company-wise, 2008 68 Table 43: Netherlands, Underground Gas Storage Capacity, Company-wise, 2008 69 Table 44: Netherlands, Underground Gas Storage Capacity, 2008 69 Table 45: TOTAL S.A., Key Facts 70 Table 46: TOTAL S.A., SWOT Analysis 80 Table 47: TOTAL S.A., Revenue by Segment, Euro Million, 2003-2007 84 Table 48: TOTAL S.A., Revenue by Geography, Euro Million, 2003-2007 85 Table 49: TOTAL S.A., Financial Statements, Euro Million, 2003-2007 86 Table 50: TOTAL S.A., Financial Ratios, Euro Million, 2003-2007 87 Table 51: Gaz de France, Key Facts 88 Table 52: Gaz de France, SWOT Analysis 91 Table 53: Energie Beheer Nederland B.V., Key Facts 95 Table 54: Energie Beheer Nederland B.V., SWOT Analysis 97 Table 55: Energie Beheer Nederland B.V., Revenue by Segment, Euro Million, 2003-2007 100 Table 56: Energie Beheer Nederland B.V., Financial Statements, Euro Million, 2003-2007 101 Table 57: Energie Beheer Nederland B.V., Financial Ratios, Euro Million, 2003-2007 102 Table 58: Wendels To Sell Stake In Oranje-Nassau Groep 103 Table 59: Saxon Oil Company Acquires Picogina Holdings From Energy (CG) 104 Table 60: Talisman Energy To Sell Shares Of Goal Petroleum To Total E&P Nederland 105 Table 61: Abu Dhabi National Energy To Acquire EnCore Oil Nederland 106 Table 62: Arawak Energy Acquires Saigak Investments From Vitol 107 Table 63: Island Oil & Gas Sells Island Netherlands To Delta Hydrocarbons 108 Table 64: Cirrus Energy To Sell Its 30% Interest In Block Q10, Q13, Q16b And L8-D Field To TAQA Offshore 109 Table 65: Cirrus To Acquire Additional Interest In L8-D Field From Chevron Exploration 110 Table 66: GDF Suez To Acquire Dutch North Sea Assets From Nederlandse Aardolie 111 Table 67: Venture Production To Acquire Interests In Two Dutch Offshore Blocks 112 Table 68: Cirrus Energy Announces Acquisition Of Netherlands K10-Bravo Oil Fields 113 Table 69: Talisman Energy To Sell Its Assets In Netherlands, Denmark And Trinidad 114 Table 70: Venture Production Acquires 58% Interest In F3-FA Discovery From Nederlandse Aardolie Maatschappij 115

Companies Mentioned

Total S.A. Gaz de France Energie Beheer Nederland B.V.