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 Crude Oil 12 2.2.1 Overview 12 2.2.2 Supply and Demand Balance 12 2.2.3 Regulatory Structure 18 2.2.4 Infrastructure 18 3 The Netherlands Fiscal Regime 19 3.1 The Netherlands Petroleum Fiscal Environment 19 3.2 License terms 20 3.3 Key Fiscal Terms 21 3.4 Sample Cashflows Calculations 26 4 Netherlands Oil Upstream Investment Environment Benchmarking 27 4.1 Introduction 27 4.2 The Overall Ranking 27 4.3 Upstream Fiscal Attractiveness 28 4.3.1 Maximum Government Take Index 29 4.3.2 Maximum State Participation 29 4.4 Oil Sector Performance 30 4.4.1 Exploration Activity 32 4.4.2 Oil Production 33 4.4.3 Oil Reserves 33 4.4.4 Consumption 33 4.4.5 Refining Capacity 34 4.5 Economic Performance 34 4.5.1 GDP Growth Index 36 4.5.2 FDI Confidence Index 36 4.5.3 Balance of Trade Index 36 4.6 Socio-Political Performance 36 5 Netherlands Exploration and Production Sector 39 5.1 Netherlands Exploration and Production Sector, Country Snapshot 39 5.1.1 Netherlands Exploration and Production Sector, Key Data 39 5.1.2 Netherlands Exploration and Production, Crude Oil Assets Map 39 5.2 Netherlands Exploration and Production Sector, Gross Crude Oil Production 40 5.2.1 Netherlands Exploration and Production Sector, Gross Crude Oil-Historical Production 40 5.2.2 Netherlands Exploration and Production Sector, Gross Crude Oil Production by Assets 41 5.2.3 Netherlands Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 41 5.2.4 Netherlands Exploration and Production Sector, Market Share based on Gross Equity Weighted Crude Oil Production 43 5.3 Netherlands Exploration and Production Sector, Gross Crude Oil Forecasts 44 5.3.1 Netherlands Exploration and Production Sector, Gross Crude Oil Forecasted Production 44 5.3.2 Netherlands Exploration and Production Sector, Gross Revenue Forecast 44 5.3.3 Netherlands Exploration and Production Sector, Government Take Forecast 44 5.3.4 Netherlands Exploration and Production Sector, Contractor Take Forecast 45 6 Netherlands Pipeline Sector 46 6.1 Netherlands Pipeline Sector, Key Data 46 6.2 Netherlands Pipeline Sector, An Overview 46 6.3 Netherlands Pipeline Sector, Comparision of Key Crude Oil Pipeline Companies 47 6.4 Netherlands Pipeline Sector, Comparison of Key Petroleum Product Pipeline Companies 48 6.5 Netherlands Pipeline Sector, Crude Oil Pipelines 49 6.6 Netherlands Pipeline Sector,Petroleum Product Pipelines 51 7 Netherlands Refining Sector 52 7.1 Netherlands Refining Sector, Key Data 52 7.2 Netherlands Refining Sector, An Overview 52 7.2.1 Netherlands Refining Sector, Total Refining Capacity 52 7.3 Netherlands Refining Sector, Capacity- Wise Market Share By Company 53 7.4 Netherlands Refining Sector, Crude Distillation Unit Capacity 55 7.5 Netherlands Refining Oil Sector, Coking Capacity 56 7.6 Netherlands Refining Oil Sector, Fluid Catalytic Cracking Capacity 56 7.7 Netherlands Refining Oil Sector, Hydrocracking Capacity 57 8 Netherlands Oil and Chemicals Storage Sector 58 8.1 Netherlands Oil and Chemicals Storage Oil Sector, Key Data 58 8.2 The Netherlands Oil and Chemicals Storage Oil Sector, An Overview 58 8.2.1 The Netherlands Oil and Chemicals Storage Oil Sector, Total Storage Capacity 58 8.3 The Netherlands Oil and Chemicals Storage Oil Sector, Capacity- Wise Market Share By Company 59 8.4 The Netherlands, Oil and Chemicals Storage Capacity 61 9 Profile of Total S.A. 62 9.1 Total S.A., Key Information 62 9.2 Total S.A., Company Overview 62 9.3 Total S.A., Business Description 62 9.3.1 Total S.A., Business Description, Business Overview 62 9.3.2 Total S.A., Business Description, Chemicals 63 9.3.3 Total S.A., Business Description, Downstream 64 9.3.4 Total S.A., Business Description, Upstream 65 9.3.5 Total S.A., Business Description, Major Products and Services 66 9.4 Total S.A., Value Chain Analysis 68 9.4.1 Total S.A., Value Chain Analysis, Upstream 69 9.4.2 Total S.A., Value Chain Analysis, Midstream 69 9.4.3 Total S.A., Value Chain Analysis, Downstream 70 9.4.4 Total S.A., Value Chain Analysis, Retail 71 9.5 Total S.A., SWOT Analysis 71 9.5.1 Total S.A., SWOT Analysis, Overview 71 9.5.2 Total S.A., SWOT Analysis, Strengths 72 9.5.3 Total S.A., SWOT Analysis, Weaknesses 73 9.5.4 Total S.A., SWOT Analysis, Opportunities 74 9.5.5 Total S.A., SWOT Analysis, Threats 75 9.6 Total S.A., Revenue Analysis 76 9.6.1 Total S.A., Revenue by Segment 76 9.6.2 Total S.A., Revenue by Geography 76 9.7 Total S.A., Financial and Operational Review 78 9.7.1 Financial Statements 78 9.7.2 Financial Ratios 79 10 Profile of Gaz de France 80 10.1 Gaz de France, Key Information 80 10.2 Gaz de France, Company Overview 80 10.3 Gaz de France, Business Description 80 10.3.1 Gaz de France, Business Description, Overview 80 10.3.2 Gaz de France, Business Description, Major Products and Services 82 10.4 Gaz de France, SWOT Analysis 82 10.4.1 Gaz de France, SWOT Analysis, Overview 82 10.4.2 Gaz de France SWOT Analysis, Strengths 83 10.4.3 Gaz de France, SWOT Analysis, Weaknesses 84 10.4.4 Gaz de France, SWOT Analysis, Opportunities 84 10.4.5 Gaz de France, SWOT Analysis, Threats 85 11 Profile of Energie Beheer Nederland B.V. 87 11.1 Energie Beheer Nederland B.V., Key Information 87 11.2 Energie Beheer Nederland B.V., Company Overview 87 11.3 Energie Beheer Nederland B.V., Business Description 87 11.3.1 Energie Beheer Nederland B.V., Business Description, Business Overview 87 11.3.2 Energie Beheer Nederland B.V., Business Description, Major Products and Services 88 11.4 Energie Beheer Nederland B.V., SWOT Analysis 88 11.4.1 Energie Beheer Nederland B.V., SWOT Analysis, Overview 88 11.4.2 Energie Beheer Nederland B.V., SWOT Analysis, Strengths 89 11.4.3 Energie Beheer Nederland B.V., SWOT Analysis, Weaknesses 90 11.4.4 Energie Beheer Nederland B.V., SWOT Analysis, Opportunities 91 11.4.5 Energie Beheer Nederland B.V., SWOT Analysis, Threats 91 11.5 Energie Beheer Nederland B.V., Revenue Analysis 92 11.5.1 Energie Beheer Nederland B.V., Revenue by Segment 92 11.6 Energie Beheer Nederland B.V., Financial and Operational Review 93 11.6.1 Financial Statements 93 11.6.2 Financial Ratios 94 12 Financial Deals Landscape 95 12.1 Detailed Deal Summary 95 12.1.1 Acquisition 95 12.1.2 Asset Transactions 101 13 Recent Developments 108 13.1 License Rounds 108 13.1.1 May 07, 2008: Angola Prequalifies 40 Oil Companies Under New Licensing Round 108 13.2 License Awards 109 13.2.1 Jul 10, 2008: Shell To Sign PSA With Jordan 109 13.2.2 Jun 19, 2008: Four Western Oil Firms To Sign Oil Contracts With Iraq 110 13.2.3 Jun 12, 2008: NNPC To Take Over Shells Ogoni License 110 13.2.4 May 18, 2008: Iraq Asks International Oil Firms To Submit Final Deal Proposals 111 13.2.5 Apr 09, 2008: Island Wins Q13b Exploration License, Offshore Netherlands 114 13.3 Strategy and Business Expansion 115 13.3.1 Aug 10, 2008: Shell And Jordan In Discussions To Extract Oil From Shale Reserves In The Nation 115 13.3.2 Jun 28, 2008: RIL To Choose A Partner To Bid For Nelp Blocks 116 13.3.3 Jun 26, 2008: Shell, BPZ To Jointly Explore For Oil And Gas In Northern Peru 117 13.3.4 Mar 25, 2008: PKN Orlen Registers New Company In Netherlands 117 13.3.5 Mar 17, 2008: Shell Agrees To Increase Oil Output In Nigeria 117 13.4 Recent Discoveries 118 13.4.1 Jul 04, 2008: Petrobras Announces Oil And Gas Discovery In Gulf Of Mexico 118 13.4.2 May 27, 2008: Total Discovers Gas And Condensates On Block B, Offshore Brunei 119 13.4.3 May 26, 2008: Petrobras Announces Discovery Of Hydrocarbons In Gulf Of Mexico Waters 120 13.4.4 May 21, 2008: Petrobras Finds Oil In Santos Basin Pre-Salt Layer 120 13.5 Drilling and Production Updates 121 13.5.1 Jan 21, 2009: NOP Provides Test Results Of Wijk en Aalburg And Brakel Gas Wells In Netherlands 121 13.5.2 Dec 22, 2008: NOP Provides Gas Testing Operations Update 122 13.5.3 Nov 11, 2008: Cirrus Plugs And Abandons Q14-3 Well In Netherlands 123 13.5.4 Oct 21, 2008: Cirrus Updates On Q14-3 Well In Block Q14, Offshore Netherlands 125 13.6 Financial Announcements 126 13.6.1 Jan 29, 2009: Shell Declares Q4 2008 Interim Dividend 126 13.6.2 Jan 29, 2009: Shell Reports Q4 2008 Results 127 13.6.3 Oct 30, 2008: Shell Reports 3Q 2008 Results 130 13.6.4 Oct 30, 2008: Shell Declares 3Q 2008 Interim Dividend 132 13.6.5 Jul 31, 2008: Shell Declares Quarterly Dividend 133 13.7 Other Significant Developments 133 13.7.1 Jan 19, 2009: NPN Commences Site Construction On Two Exploration Wells In Netherlands 133 13.7.2 Jan 05, 2009: Shell Appoints Non-Executive Director 134 13.7.3 Dec 04, 2008: NOP Updates On Its Netherlands Operations 134 13.7.4 Dec 04, 2008: Shell Appoints New Downstream Director 136 13.7.5 Dec 04, 2008: Shell Appoints New Non-Executive Director 136 13.8 New Contracts Announcements 136 13.8.1 Apr 21, 2008: Excelsior Selects Paradigm For Canadian Oil Sands Program 136 14 Appendix 138 14.1 Methodology 138 14.1.1 Coverage 138 14.1.2 Secondary Research 139 14.1.3 Primary Research 139 14.1.4 E&P Forecasts 140 14.1.5 Midstream Forecasts 141 14.1.6 Expert Panel Validation 141 14.2 Contact Us 142 14.3 About Us 142 14.4 Disclaimer 142 Executive Summary 1.1 List of Tables Table 1: The Netherlands, Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 13 Table 2: The Netherlands, Hostorical and Forecasted Import and Export of Crude Oil, 1996-2020 15 Table 3: The Netherlands, Historical Reserves of Crude Oil, 1996-2008 17 Table 4: Netherlands, Crude Oil and Natural Gas, Annual Surface Area Rental Rate, 2006 21 Table 5: Netherlands, Crude Oil Royalty Rate, 2007 22 Table 6: Netherlands, Natural Gas Royalty Rate, 2007 23 Table 7: Western Europe, Investment Benchmarking, Overall Country Rankings, 2008 27 Table 8: Western Europe, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 28 Table 9: Western Europe, Investment Benchmarking, Oil Sector Performance, 2008 30 Table 10: Western Europe, Investment Benchmarking, Economic Performance, 2008 34 Table 11: Western Europe, Country Standings, Economic Performance, 2008 35 Table 12: Western Europe, Investment Benchmarking, Socio-Political Performance, 2008 37 Table 13: Western Europe, Country Standings, Socio-Political Performance, 2008 37 Table 14: Netherlands, Oil Key Statistics, 2008 39 Table 15: Netherlands, Total Gross Crude Oil Production (MMBBLs), 2001-2008 40 Table 16: Netherlands, Gross Crude Oil Production (MMBBLs), by Assets, 2001-2008 41 Table 17: Netherlands, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2001-2008 41 Table 18: Netherlands, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 43 Table 19: Netherlands, Gross Crude Oil Production (Thousand Barrels), Forecast by Assets, 2009-2014 44 Table 20: Netherlands, Forecasted Assets-wise Gross Revenue(000$), 2009-2014 44 Table 21: Netherlands, Projected Assets-wise Total Government Take(000$), 2009-2014 44 Table 22: Netherlands, Projected Assets-wise Total Contractor Take(000$), 2009-2014 45 Table 23: Netherlands, Pipeline Key Statistics, 2008 46 Table 24: Netherlands, Crude Oil Pipeline Length by Company (Km), 2008 47 Table 25: Netherlands, Petroleum Product Pipeline Length by Company (Km), 2008 48 Table 26: Netherlands, Crude Oil Pipelines, 2008 49 Table 27: Netherlands, Crude Oil Pipelines, 2008 (contd.) 50 Table 28: Netherlands, Petroleum Product Pipelines, 2008 51 Table 29: Netherlands, Refinery Key Statistics, 2008 52 Table 30: Netherlands, Total Refining Capacity (MMTPA), 2000- 2013 52 Table 31: Netherlands Refining Capacity Company-Wise (MMTPA), 2000-2013 53 Table 32: Netherlands, Crude Distillation Unit Capacity (MMTPA), 2000-2013 55 Table 33: Netherlands, Coking Unit Capacity (MMTPA), 2000-2013 56 Table 34: Netherlands, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 56 Table 35: Netherlands, Hydrocracking Unit Capacity (MMTPA), 2000-2013 57 Table 36: The Netherlands, Oil Storage Key Statistics, 2008 58 Table 37: The Netherlands, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 58 Table 38: The Netherlands, Oil and Chemicals Storage Capacity, Company-wise (Thousand M3), 2000-2013 59 Table 39: The Netherlands, Storage Capacity (Thousand M3), 2000-2013 61 Table 40: TOTAL S.A., Key Facts 62 Table 41: TOTAL S.A., SWOT Analysis 72 Table 42: TOTAL S.A., Revenue by Segment, Euro Million, 2003-2007 76 Table 43: TOTAL S.A., Revenue by Geography, Euro Million, 2003-2007 77 Table 44: TOTAL S.A., Financial Statements, Euro Million, 2003-2007 78 Table 45: TOTAL S.A., Financial Ratios, Euro Million, 2003-2007 79 Table 46: Gaz de France, Key Facts 80 Table 47: Gaz de France, SWOT Analysis 83 Table 48: Energie Beheer Nederland B.V., Key Facts 87 Table 49: Energie Beheer Nederland B.V., SWOT Analysis 89 Table 50: Energie Beheer Nederland B.V., Revenue by Segment, Euro Million, 2003-2007 92 Table 51: Energie Beheer Nederland B.V., Financial Statements, Euro Million, 2003-2007 93 Table 52: Energie Beheer Nederland B.V., Financial Ratios, Euro Million, 2003-2007 94 Table 53: Wendels To Sell Stake In Oranje-Nassau Groep 95 Table 54: Saxon Oil Company Acquires Picogina Holdings From Energy (CG) 96 Table 55: Talisman Energy To Sell Shares Of Goal Petroleum To Total E&P Nederland 97 Table 56: Abu Dhabi National Energy To Acquire EnCore Oil Nederland 98 Table 57: Arawak Energy Acquires Saigak Investments From Vitol 99 Table 58: Island Oil & Gas Sells Island Netherlands To Delta Hydrocarbons 100 Table 59: Cirrus Energy To Sell Its 30% Interest In Block Q10, Q13, Q16b And L8-D Field To TAQA Offshore 101 Table 60: Cirrus To Acquire Additional Interest In L8-D Field From Chevron Exploration 102 Table 61: GDF Suez To Acquire Dutch North Sea Assets From Nederlandse Aardolie 103 Table 62: Venture Production To Acquire Interests In Two Dutch Offshore Blocks 104 Table 63: Cirrus Energy Announces Acquisition Of Netherlands K10-Bravo Oil Fields 105 Table 64: Talisman Energy To Sell Its Assets In Netherlands, Denmark And Trinidad 106 Table 65: Venture Production Acquires 58% Interest In F3-FA Discovery From Nederlandse Aardolie Maatschappij 107

Companies Mentioned

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