NORWAY OVERVIEW According to the Norwegian Offshore Directorate ("NOD"), oil production in 2025 amounted to about 106 million Sm3. This is the highest level of production since 2009. Production from the Norwegian Continental Shelf ("NCS") is nearly equally distributed between oil and gas. Total production on the NCS (oil, gas, NGL and condensate) amounted to 238 million Sm3 o.e.. Production is expected to remain at a stable, high level over the next few years, and will then gradually decline towards the end of the 2020s. At end-2025, there were 97 fields in operation on the NCS. The Halten Øst and Verdande fields in the Norwegian Sea, as well as Johan Castberg in the Barents Sea, came on stream, and no fields were shut down over the year. The NOD expects a number of new fields to come on stream over the years to come. In 2025, indirectly-held subsidiary Lime Petroleum AS (“LPA”) was awarded a 33.8434 per cent interest in PL1252. The Brage Field celebrated new discoveries in the Prince prospect and the Cook and Statfjord formations in the Talisker exploration well, and development of the Bestla Field as a tie-back to the Brage Field was completed. 2025 has been the best exploration year on the NCS in 10 years, with the exception of 2021. Many discoveries were made, some of which were significant. In volume (oil equivalent), these discoveries amount to the best resource growth in several years. A number of these discoveries are the result of utilising new and advanced technology. 49 exploration wells were drilled, 40 of which were wildcat wells, and 21 new discoveries were made. The preliminary overall estimate for these discoveries is 67 million Sm3 of recoverable oil equivalent (424 million barrels of o.e.). This amounts to a resource growth that is higher than the previous year. More than twice as much liquid was discovered, as compared with gas. 2025 was also marked by technological milestones. Two recordlong wellbores were drilled. These include the record-breaking Aker BP Omega Alfa exploration campaign in mmbbl : millions of barrels Sm³ : standard cubic metres o.e. : oil equivalent Sources: NOD website: http://www.sodir.no/ Norwegian Offshore Directorate, The Shelf 2025, 8 January 2026 Norwegian Offshore Directorate, 19 companies offered ownership interests,13 January 2026 the Yggdrasil area, with the longest exploration wellbore ever drilled on the NCS, measuring 10.7 km; and the 10.2-km-long Talisker (31/4-A-15 B) exploration well drilled by OKEA on the Brage Field in the North Sea, in which LPA has a 33.8434 per cent interest. These record-long exploration wells show how advanced drilling technology provides increased flexibility in exploration, and the opportunity to test multiple targets in a single well. In 2026, the NOD expects a total of about 40 exploration wells, where 28 to 32 will be in the North Sea, four to six in the Norwegian Sea and four to six in the Barents Sea. At the end of 2025, there were 91 discoveries still awaiting a potential development decision. They comprise certain larger discoveries and several minor ones in all ocean areas on the shelf. The North Sea has the most discoveries. 26 Annual Report 2025
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