Dear colleagues,

 

The full year results published in February were a timely reminder of the challenging market conditions we have continued to endure, but also revealed the continuous improvement that we have been able to achieve. The oil price and its impact on our baseline financial result is beyond our control, but the results of really hard work on safety, cost, operated production, as well as the addition of exciting new acreage in the portfolio, demonstrate that we are pulling the levers we can to position ourselves for success.

 

Our continued commitment to Incident-Free, reinvigorated by several campaigns in 2015, has demonstrably paid off, and we closed the year with our best ever personal safety performance. There is still capacity to improve as we strive towards our goal of zero incidents, but the needle is moving in the right direction and that is encouraging.

 

It was also great to see that our production has continued on its positive growth trajectory for the second year running. A relentless focus on operational excellence throughout the year helped deliver production growth in excess of 20% - a notable achievement in view of the maturity of the portfolio in our key operating countries.

 

In a year that saw many North Sea investments delayed, deferred or cancelled, it was nice to provide a vote of confidence for the region with the sanction of our major capital projects, Culzean and the partner-operated Johan Sverdrup in 2015. These investments pave the way to stable future production and we were able to capture significant savings in the supply chain by investing against the cycle.

 

The Swara Tika development plan approval in Kurdistan, and the acquisition of onshore East African assets, demonstrates how we successfully began reloading our portfolio, adding to our lower cost onshore production base in 2015. Expectations of buyers and sellers in the market have been converging and we are working hard to find opportunities to further rejuvenate our exploration portfolio following the reset in 2015.

 

In the coming weeks everyone in the business, including the community of core contractors working directly with us around the world, will receive an introduction to, and an awareness course in our new Incident-Free Life-Saving Rules. These have been formulated based on industry best practice and have been identified as the areas where improvement can mitigate our greatest exposure to high potential incidents. I urge each of you to help us continue our commitment to a safer Maersk Oil and engage in every way you feel you can contribute to the campaign. The principles may not be brand new to you all, but the success and impact of the programme will be governed by your participation. Get involved. Be safe. Ask yourself, how will you save a life?

 

 

 

 

Jakob Thomasen

CEO

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