Business Radar | EBN B.V. | Annual Report of 2018

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Annual Report 2016 EBN and transition

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Table of contents 1. Foreword 3 5. Governance and Risk 53 8. Financial Statements 84 5.1 Risk management 53 5.2 Risks 58 2. About EBN 8 5.3 Corporate governance 64 9. Annexes 130 2.1 Profile 8 9.1 Interaction with our stakeholders 131 2.2 Organisation chart 9 9.2 The people of EBN 135 2.3 Business model 11 6. Report by the Supervisory Board 72 9.3 Governance table 137 2.4 The oil and gas chain 15 6.1 General information 72 9.4 Remuneration report 139 6.2 Composition of the Supervisory Board 73 9.5 GRI Index 2016 141 6.3 Composition of the Executive Board 73 9.6 10-year key figures 150 3. Strategy 18 6.4 Meetings of the Supervisory Board 74 9.7 Glossary and reference list 151 3.1 Trends 18 6.5 Approvals by the Board 74 9.8 Contact information 153 3.2 SWOT and dilemmas 20 6.6 Cooperation EZ-EBN 74 3.3 Vision, mission and strategy 23 6.7 Strategy of EBN 74 3.4 Material topics 24 6.8 Issues discussed 2016 74 interviews 3.5 Trends, implications, risks and opportunities 26 6.9 Evaluation of the Executive Board Andre Faaij and self-evaluation 75 Energy Academy Europe 16 6.10 Meetings of the Audit Committee 75 Hanneke Brouwer and Ruud Cino 4. Results for 2016 27 6.11 Meetings of the remuneration committee/ Ministry of Economic Affairs and 4.1 EBN general objectives 29 selection and appointment committee 76 Ministry of Infrastructure and Environment 51 4.2 Our stakeholders 29 6.12 Financial Statements 76 Ante Frens 4.3 Technical results 33 NAM 70 4.4 Economic and social results 43 7. About this report 79 Bernard Reith 4.5 Prospects 2017 47 Total E&P Nederland BV 77 EBN - Annual Report 2016 page 2

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1. Foreword By 2050, the Netherlands will barely emit greenhouse gases. That is the challenge facing the Netherlands and which is expressed in the Energy Agenda that was presented by the Ministry of Economic Affairs in early December 2016. In short, together we all need to save more energy, invest more in renewable energy and use less natural gas and other fossil fuels to enable the Netherlands to contribute to the Paris 2015 climate targets. EBN - Annual Report 2016 page 3

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Natural gas is seen by many in the Netherlands (and The Energy Agenda describes that role for gas in the In 2016, there were earthquakes in Groningen. The beyond) as part of the climate problem. In fact, that is decades to come. Making the most of small fields plays an inhabitants of Groningen feel unsafe. In 2016, EBN also the case; natural gas is the cleanest fossil fuel around important role – partly due to a decrease in production developed activities in a variety of ways to contribute to a but CO2 is released when burning gas. In that respect, gas from the Groningen field. Despite the economic and safer and better production of the Groningen field, in line has a middle position on the so-called ‘Ladder of 7’, as it social headwinds, we still see sufficient possibilities. with its mission and the policy of the Minister of Economic was introduced a few years ago, indicating the best way to There is estimated to be 300 billion cubic meters of natural Affairs. reduce CO2. In order: save energy, use renewable sources, gas in the North Sea. We are convinced that a large part of We started various studies aimed at contributing to a green gas, Dutch natural gas, imported natural gas, oil this deposit can be extracted in a cost-effective and better understanding of the processes in the subsurface and finally coal... responsible manner. Possibly, however, not in the around the quakes. This work complements the traditional manner. The times we live in require a far- investigations carried out by NAM and other parties such Through the recent ‘customised approach’ to natural gas, reaching form of cooperation, innovative power and as SodM and KNMI. the use of innovations and renewable gases and by a creativity. Working together, in a more sustainable way, clever interplay with other energy sources, the energy and considering social interests, and complementing and We will also do our utmost in the coming years for the supply as a whole can remain climate neutral but also reinforcing each other where that is possible. EBN would ‘Decommissioning and re-use’ issue. Together with reliable and affordable. In this respect, gas undeniably like to, and should, play an important role in this; we NOGEPA, IRO and the Ministry of Economic Affairs we plays a huge role in the energy transition, also because it would like to make our knowledge and expertise available designed the Master Plan Decommissioning and Re-use is the cleanest of all fossil fuels. It is up to us, EBN, and to get the best result. last year, which is to form the basis for safe, efficient and the other parties in the gas sector, to convey this properly. sustainable decommissioning and re-use. This year that EBN - Annual Report 2016 page 4

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will take shape in the form of the launch of a National This brings me to the results for 2016. After 2015, the last ‘We will do our utmost Platform in collaboration with all stakeholders. EBN has year in financial terms was also not a good year. Our net taken the leading role in this project, because this suits profit decreased further to EUR 333 million. This decrease in the coming years for our role as partner representing the public interest in all has to do with the low gas prices, the related low level of gas fields on the Dutch part of the North Sea. investment but also the lower production from the the ‘Decommissioning Groningen field and declining production from the small Another topic where EBN was active in the past year is the fields. In a few years, our contribution to the natural gas and re-use’ issue’ support of the Ministry of Economic Affairs to speed up revenues decreased from EUR 6.9 billion (2012) to EUR 1.2 the development of geothermal energy and ultra deep billion. geothermal energy in the Netherlands. A broader integration of geothermal heat in a future CO2 neutral The theme of our annual report is ‘EBN and transition’. energy mix is essential to reaching our climate goals. EBN This is visible in different ways. To start with, the is convinced that the Netherlands offers many appearance of the report. EBN is publishing online for the opportunities deep underground to further develop first time and we have set up a special website for that geothermal energy. EBN wants to contribute to this social purpose. The theme is reflected in the recalibration of our challenge with the knowledge we have accrued of strategy. In addition to our active and critical role as a entrepreneurship in the subsurface. partner in the development of oil and gas fields, we are taking a more proactive role in the decommissioning EBN - Annual Report 2016 page 5

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issue. We are also examining how our knowledge of entrepreneurship in the subsurface can be used in ultra deep geothermal energy and CO2 capture and storage for example. Issues where we believe that EBN can have a significant impact. We have discussed the theme “EBN and transition” with our stakeholders, which you can read about in the interviews with four of them. Key players in our environment that without exception are driven to make the energy transition a success. Finally: what is energy (and what is the difference to electricity)? What is the challenge in the energy transition? In the past year, EBN has created an infographic that brings all information on energy consumption and energy production clearly together. Not only that, it encourages an informed and substantive discussion on energy transition and opens schools of thought on how best to greenify our energy system. We are happy that this infographic has been enthusiastically received. This has encouraged us to make a yearly update so that we can continue to follow the progress of the energy (R)evolution. Go to www.ebn.nl/nederland-land- energie/ for the infographic. In 2017, we want to continue on the same path. In addition to our statutory task of making optimal use of the Dutch oil and gas wells, we are using our knowledge, experience and influence to make a substantial contribution to the acceleration of the energy transition. Jan Willem van Hoogstraten CEO From left to right: Berend Scheffers, Jan Boekelman, Jan Willem van Hoogstraten en Thijs Starink EBN - Annual Report 2016 page 6

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Key figures 2016 2015 Number of joint operations 198 200 Of which exploration 46 48 Sales EBN part (bln Nm3) 20 21 Turnover 3,094 4,766 Net profit 333 450 Payments to the State 1,277 2,134 Investments 281 564 Depreciation and impairment 789 1,217 Social Number of employees 81 80 Absenteeism 4.9% 3.8% Environment CO2-emissions 772 kton Methane emissions 6.0 kton Energy consumption 20.2 PJ EBN - Annual Report 2016 page 7

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2. About EBN 2.1 Profile Energie Beheer Nederland (EBN) is an organisation that invests in the exploration, extraction and storage of gas and oil on behalf of the Dutch State. Our objective is to get value as safely and economically responsibly possible from the Dutch subsurface. EBN is a policy participation. 100% of the shares are held by the State. The shares are managed by the Dutch Ministry of Economic Affairs. We partially implement the energy policy of the Ministry of Economic Affairs. EBN - Annual Report 2016 page 8

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EBN is a partner in joint operations with various oil and gas companies. The participation in these joint operations as a rule amounts to 40 per cent, in some cases, the participation CEO amounts to up to 50%. The joint operations are non- operated ventures (NOVs): as a partner we are involved in the projects in which we invest, but are not the party that Legal HR performs the daily work; that is the task of the relevant operator, usually an oil and gas company. Our core activities Commercial Communications are investing in non-operated ventures (NOV), managing Department and Public Affairs these NOVs and the development and application of knowledge for these NOVs. This is further explained in the Office business model on page 10. Internal Audit Management EBN also has holdings in infrastructure: offshore pipeline systems and gas storage. In addition, we have a 40 percent Director Asset Director Director interest in GasTerra B.V., in which we have partnered with Management Technology Finance the State, Shell and ExxonMobil. We sell gas through this gas wholesaler. Asset Asset Business Groups Support Control 2.2 Organisation chart Energy Beheer Nederland has 81 employees, all of whom are Production and Accounting GasTerra working in Utrecht. We have an Executive Board and a Infrastructure & Reporting Supervisory Board. There is a division of tasks into functional areas: General Management, Asset Management, Exploration Treasury Technology and Finance. The CEO leads the management team and is the sole statutory director. Expertise ICT EBN - Annual Report 2016 page 9

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Developing Applying Investing Results Social knowledge knowledge impact Financial Sharing knowledge Financial Economy Roadmaps Substantial cash flows • Marketing new Value Substantial cash flows • Profits/prosperity • Investing in new and capital opportunities creation and capital • Employment knowledge, analyses and instruments • Innovation • Economic activity Produced • Recommendation to Knowledge Effects Produced • Learning from Projects in exploration and Ministry of Economic Projects in exploration and operational activities production, co-owner of oil Affairs production, co-owner of oil and gas infrastructure both • Insight into opportuni- Optimising production and gas infrastructure both onshore and offshore ties for new develop- of oil and gas reserves onshore and offshore ment Intellectual Intellectual Energy supply Research for the explora- Research for the explora- • Security of provision Developing recoverable tion and production of oil NOV management oil and gas reserves tion and production of oil • Security of supply and gas, datawarehouse • Collating technical, and gas, datawarehouse Dutch E&P sector commercial, legal and Dutch E&P sector business information Studying drilled Human • Managing participations oil and gas reserves Human Employees • Advising Employees • Exchanging knowledge Exploring possible Social Social Environment oil and gas deposits Joint operations, Joint operations, • Environmental impact 40%-stake in GasTerra 40%-stake in GasTerra • Greenhouse gas emissions Natural Investing in projects Natural Oil and gas reserves Feedback Oil and gas reserves Input Core activity Output Impact EBN - Annual Report 2016 page 10

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2.3 Business model Managing our NOVs 2.3.3 The output: What is the result? In our business model, we assume the six ‘capitals’ from With knowledge and analyses, EBN can directly influence To EBN, knowledge and economic value are the most the framework of the International Integrated Reporting operators in their choices and decisions. We encourage important elements of the output. Both are used as Council (IIRC): financial capital, produced capital, human operators, based on our insights, to continue to invest in the investment to safeguard the continuity of gas production capital, intellectual capital, social/relational capital and exploration and extraction of Dutch natural gas where in the Netherlands. natural capital. These capitals are the input for our core possible and track the performance of our participations See the figure on page 10. activities with which we create economic and social value. closely. This means we can make adjustments where necessary and possible. 2.3.4 The impact: social effects 2.3.1 The input: our six capitals Our activities, and those of other parties in the chain, The reserves of oil and gas resources in the Dutch We use a bi-annual standardised analysis that includes have an impact on society - particularly on the economy, subsurface, as well as our knowledge and collaboration operational costs and rates, with which we monitor how the energy supply, the living environment and the within the sector are the main elements of the input for participations offshore and projects are performing environment. The impact can be positive as well as EBN. compared to other explorations and production. We negative. See the figure on page 10. encourage the sharing of Best Practices where possible, so that operators can learn from each other’s knowledge and Positive impact 2.3.2 Core activities analysis. EBN shares operational and technological knowledge The core of our business model consists of three activities: with partners in the sector. The economic value creation investing in our NOVs, managing our NOVs and the Knowledge development and application for our NOVs is the cash flow to the Dutch State: the net earnings plus development and application of knowledge for our NOVs. The backbone in the business model of EBN is knowledge levies and taxes flow to the treasury. Moreover, the oil of resources in the subsurface. We gather this from our and gas industry is a powerful motor for the (local) Investing in our NOVs participations in the exploration and extraction projects. economy. The industry provides direct and indirect Creating gas and (to a lesser extent) oil reserves is a We also invest in our own studies and are involved in employment. EBN shares its knowledge of the subsurface guiding principle in EBN’s investments. In actual studies of partners. We generate insights into to accelerate the energy transition, for example in the exploitation, we are partner in exploration. We invest in opportunities and possibilities for new developments. We field of geothermal energy. making the most of existing fields. Where infrastructure create value by using our knowledge in the entire Dutch (pipelines, platforms) has come to the end of its life cycle, oil and gas industry. We share the knowledge we gain we invest in effective decommissioning and/or re-use. We with parties inside and outside the sector. We also advise have a leading role in the decommissioning and the the Ministry of Economic Affairs. We also use our possible re-use of platforms. We are a driving force behind knowledge to support the exploration of the Ministry of improving sustainability performance and have an active Economic Affairs into the possibilities of ultra deep approach to consolidating public backing for our activities. geothermal energy. EBN - Annual Report 2016 page 11

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The possession of gas has had a major influence on the prosperity in the Netherlands. The extraction and the stocks mean the Netherlands is still largely energy independent. The Dutch citizens and businesses can rely on deliveries of gas, and at an acceptable price. The Netherlands plays a significant role in the European gas sector because of the gas exports and the gas infrastructure, which has developed into a gas hub for the European gas market. Negative impact In Groningen, the extraction of natural gas affects the local living environment. Earthquakes result in damage to buildings and infrastructure and lead to a feeling of insecurity among the population. The extraction of oil and gas and also the consumption of these fossil fuels cause emissions that harm the environment and contribute to the greenhouse effect. There is also a (very limited) risk of direct pollution, for example by leaks. The infrastructure at oil and gas fields (offshore as well as onshore) that is approaching the end of its useful life is always a point of attention: platforms must be cleared away or given another function. Offshore pipelines must be left behind clean and safe. In some cases, they need to be removed. EBN - Annual Report 2016 page 12

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UPSTREAM MIDSTREAM DOWNSTREAM Hortculture National Quality control Regional high pressure gas grid low-pressure gas grid Households/ofﬁces Treatment and/or compression Gas storage Electricity generation Onshore and offshore gas and oil extraction Industry Gas Oil Transport LPG Condensate Filling stations Products for reﬁning Oil storage Reﬁneries EBN - Annual Report 2016 page 13

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The development of an oil or gas field (upstream) The illustration below shows how the development of a Start exploration: along with licence holders, we test Clean up: once a gas production has come to the end of its gas field takes place, from finding oil or gas and then possible gas or oil resources through test drilling. lifespan, the wells are permanently closed and the exploration to restoration of the infrastructure. infrastructure is decommissioned. The surroundings are Construction: together with our partners, we develop restored to their former condition. Exploration: EBN conducts studies into possible new economically reserves. deposits of gas and oil based on regional knowledge and State Supervision of Mines oversees oil and gas discovery seismic images. Gas production: the reserves are produced as long as and extraction. For more detailed information on the economically viable; at this stage, the investments earn development of an oil or gas field, visit Households/ofﬁces themselves back (as a rule). The gas finds its way in the www.hoewerktgaswinnen.nl. chain to the end users. Products for reﬁning drilling and decommissioning exploration drilling design production construction and re-use Reﬁneries EBN - Annual Report 2016 page 14

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2.4 The oil and gas chain Bovenstaande illustratie geeft aan wat onze betrokkenheid is bij de winning van olie en gas. In de keten speelt EBN op onderdelen een rol. De keten is ingedeeld in drie activiteitenstromen: upstream, midstream en down- stream. 2.4.1 Upstream The upstream activities relate to the search for and extraction of natural gas and petroleum. These activities take place both onshore and offshore. Along with oil and gas companies that carry out the work, EBN invests in searching for and extracting gas and oil. This belongs to the core activity of EBN and its partners. The development of gas and oil resources is done in a number of steps. These are reconnaissance, exploration, construction, production and the final clean up (read more on page 14). In the production phase the natural gas is transported to processing plants, where it is prepared for introduction into the national gas grid. Wholesale company GasTerra, which EBN is co-shareholder of, buys the gas from EBN. With two seats on the Supervisory Board, EBN is involved in the administration of GasTerra B.V. EBN has no active role in the steps that follow after the sale of the own gas. Products for reﬁning EBN - Annual Report 2016 2.4.2 Midstream The production companies sell the natural gas and oil mostly to wholesale companies, including GasTerra. GasTerra sells gas to various middlemen and end users. The natural gas is transported through pipelines to users in the Netherlands and abroad. Produced petroleum and natural gas condensate is sometimes transported with pipelines, but also by vessel (sea) or transported by lorry/ train. Because the time of use of natural gas may differ from the time of production, storage capacity is needed. Households/ofﬁces The gas storage can be filled if supply is higher than demand, usually in the summer. In winter there is more demand for natural gas, the gas storage can then be emptied. EBN is the joint owner of four underground gas storage facilities. As a result, EBN has some involvement in midstream activities. about this 2.4.3 Downstream In the Netherlands, natural gas finds its way to the end user via the regional low-pressure gas grid. Natural gas is used as household fuel (for cooking and heating), in electricity generation (central and decentral), for industrial processes (high temperature) and as a raw material (such as artificial fertiliser). Oil is used as a raw material in industrial processes (e.g. manufacturing plastic, nylon and rubber) and is refined into transport fuels, such as petrol, diesel and kerosene. EBN has no explicit role in downstream activities. Reﬁneries page 15

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Interview ‘We don’t want to miss opportunities’ Andre Faaij, Scientific Director of a multidisciplinary approach and is an implications of full conversion of the _DSC8681 the Energy Academy in arduous process. We want a society with energy system, or making industries Groningen and University a sustainable energy supply, with a and production chains energy neutral Professor of Energy System much more diverse mix of more sus- for example. Research is an integral Analysis at the University of tainable energy sources and large-scale part of this. Research into consumer Groningen, speaks about CO2 capture. But how do you realise that acceptance when implementing new ESTRAC. In October 2016, TNO, in the built-up environment? In the technology, into future developments ECN and Energy Academy Europe industry? In the transport sector? A lot in the energy market, into spatial (EAE) gave the starting shot for will have to change to meet the agreed planning of biomass production, into the Energy Systems Transition targets. ESTRAC approaches energy wind and solar parks and into various Centre, aka ESTRAC. Gasunie, issues from all points of view: economic, options for renewable energy into the GasTerra, EBN and NAM are technological, social, and psychological. energy system for example. Ultimately involved as associate partners. And we do that at a regional, national this research provides practical and international level”. outcomes that help both companies and What is Estrac? governments make decisions about “ESTRAC brings energy issues, research How does ESTRAC contribute to the sustainable energy plans. The latest and application together in an inter- energy transition? state of knowledge is used but _DSC8692 disciplinary and open end collaboration. “ESTRAC makes connections between knowledge also advances, for example Both companies and knowledge leading institutes, provides a platform due to better analysis methods and institutions (TNO, ECN, University of for market players. Issues that are too models. Groningen and Hanze University of big or too expensive for an individual We are still at the beginning, but our Andre Faaij Applied Sciences at the start) are party can be dealt with via ESTRAC integrated approach is catching on. The Scientific Director of the Energy participants. We started ESTRAC together. The energy transition on and first projects have started, as an Academy in Groningen because the energy transition demands around the North Sea, or the economic investigation into the North Sea as a _DSC8700 EBN - Annual Report 2016 page 16

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source of energy. The Ministry of Social offshore industry is innovative. Japan is national coordination and the roll-out of Affairs and Employment has also asked installing floating wind turbines geothermal energy and energy storage. us to think about the consequences of offshore. Sustainable seems to be the The government must ensure stable the transition to employment. We have answer to the increasing energy demand policy frameworks. You cannot leave the attracted the attention of Stanford and in India for hundreds of millions of transition up to the market. Let’s take MIT and we are exchanging researchers people who still do not have access to Scandinavia as an example. Scandinavia with NREL (National Renewable Energy electricity. Saudi Arabia wants to be less leads the way when it comes to sus- Laboratory). Our network of chain dependent on oil revenue, and is making tainability and has a thriving industry. partners is growing steadily. That is also major investments in sustainable, and Why? The Government works closely necessary. We are heading towards some aiming at 9,500 megawatt solar and wind together with industry, but on the basis 20 partners in the Dutch energy sector in energy for 2030. of clear choices and appropriate six years”. Google in the Eemshaven is a fine legislation”. example closer to home. The datacentre How do you view the energy transition runs entirely on sustainable energy, How far will we have got with the in the Netherlands? supplied by a windfarm in Delfzijl. energy transition in 10 years’ time? _DSC8749 “We are only at the beginning of the Another giant, Tata Steel, is working on “If we learn from models that work and transition. We are at 6%, stumbling a new generation steel production use opportunities it could be fast. Why towards 14% to 16% sustainable, and process which is more efficient, can run not use the gas hub for CO2? The off- everything is creaking. There has to be a on sustainable biomass and can capture shore infrastructure for sustainable? Our fundamental change. And soon, because CO2. This could result in a steel industry powerful chemical and agro-industry for we are missing opportunities. Look at with negative emissions. And what biobased? Further develop geothermal wind energy - Denmark has overtaken about the plans for reclassification of energy. Green is money. If we can show the Netherlands. Look at Germany - as Rijnmond, for example with a biobased that it is good for the wallet a lot can you approach the German border a chemicals industry. Look at our own happen in 10 years. different energy landscape looms. We building, which was completed in early Incidentally, I still see a role for natural _DSC8727 now seem to be mainly a country of December 2016. We are energy neutral gas as a back-up energy. The value of the barriers, whereas we should be a land of including the energy use in the building gas still present underground will even opportunities”. phase”. increase over time. It is therefore important that we look at the best way to What are some examples of how What role can EBN play? exploit gas reserves seen from the bigger data. Classical energy exploration is innovation contributes to the energy “EBN is a special player. As semi-public picture. nice, but not enough for the task that we transition? sector I see a key driving function for In short, we are faced with a mammoth now face. A good assignment for ESTRAC “There is so much going on in so many EBN in the implementation of a sustai- task and we are going to have to innovate would be: together with the Planning places in the world. We learn from each nable energy system. I am thinking of like hell, but I have faith. Provided we Agencies developing the necessary tools _DSC8699 other and technologies reinforce each CO2 capture and storage for example, have policy tools that accelerate that map out the route to sustainable other. The learning curve is steep. The which requires national and inter- innovation. With the right tools and from all angles”. EBN - Annual Report 2016 page 17

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3. Strategy 3.1 Trends In recent years, the gas industry has come under pressure. Climate change is a global development that has a major impact on our global society and its effect on the image of gas. Energie Beheer Nederland has also identified three trends that influence our daily activities: the energy transition, the public backing for the oil and gas industry, and declining production and prolonged low prices. The business model of EBN is greatly subject to change due to these trends. EBN - Annual Report 2016 page 18

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The energy transition Declining production & prolonged low prices 3.2 SWOT and dilemmas The Ministry of Economic Affairs published the Energy The availability of economically recoverable reserves A SWOT analysis was drawn up to elaborate on the Agenda at the end of 2016, which states that our energy requires more complex exploration and extraction strategy. supply will change dramatically over the coming decades. techniques. This means higher costs for the operators. At In the Paris Climate Agreement it has been established the same time, oil and gas prices were historically low in The SWOT provides insight into the strengths and that global warming should be restricted to below two 2016 and the development of remaining reserves is weaknesses of EBN. Partly on this basis, we can identify a degrees Celsius. It also describes that for the transition, becoming more unpredictable. Consequently, the number of dilemmas: reduction of the use of fossil energy is needed, energy production from our small fields is declining. In addition, saving should be implemented and investments are the number of platforms that are at the end of their life 1. The gas paradox: natural gas is part of both the problem needed to increase the share of renewable energy in the span and that will have to be decommissioned in the next (CO2 emissions) and the solution (contribution to the energy mix. few years is growing. The extraction from the Groningen energy transition). The challenge here is to deal with field has been greatly scaled down to ensure the safety in this as carefully and balanced as possible. Oil and gas companies have to adapt to the changing Groningen. 2. The lack of support discourages activities related to gas energy mix, for example by developing other energy All of this creates financial pressure on results of the oil extraction. At the same time, EBN is in favour of sources and looking for synergies between fossil and and gas industry. It is necessary that EBN and its partners creating economic and social value by means of, among non-fossil fuels. The Energy Agenda describes the role of invest more in efficiency and innovation. This transition other things, this gas extraction. Tension exists gas: “Also on the transition to the ambitions of the Paris results in uncertainty. between them, which is why those concerned must Climate Agreement, gas as the least polluting fossil fuel will handle this as well as possible. still play an important role in the transition for a long time”. In short, the ‘environment’ of EBN has changed 3. In the North Sea, there is approximately 300 billion tremendously in recent years. We responded actively to cubic meters of extractable, often hard-to-access, Public backing for the oil and gas industry this in 2016 by reviewing our strategic priorities. It is reserves. These reserves are still largely profitably In recent years, the reputation of the oil and gas industry important that we understand the impact that the trends extractable. At the same time, there is a demand to has deteriorated in the Netherlands and Europe. Issues and developments can have on our activities. If new decrease the existing infrastructure. It is a tricky such as ‘safety’, ‘environment’ and ‘old fashioned fossil opportunities arise, we can make the most of that. balance between, on the one hand, not removing industry’ are highlighted in the social debate. The Potential risks can be controlled in a timely and effective important infrastructure too soon so that potential earthquakes in Groningen, which result in a feeling of manner. extraction of gas resources remain possible and, on the insecurity and uncertainty among residents of the other hand, heeding the call for space on the North province of Groningen, have caused public backing for the Sea. extraction of gas to disintegrate strongly. At the same time, the popularity and the production of sustainable energy are growing, reducing the share of gas in the energy mix. The investment climate for exploration and extraction of oil and gas is less favourable as a result. EBN - Annual Report 2016 page 20

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SWOT-analysis Strengths Weaknesses • Trusted partner in the industry • Not enough is being done to propagate success • Helicopter view in the E&P industry • Work focus is a point of attention • Unique data position for E&P activities • IT systems are not sufficiently adapted to the • Boosting E&P activities through our own studies revised strategy • Facilitating knowledge sharing within and • Collaboration between departments could be outside the sector improved within EBN • Qualified personnel • Positive company culture (Great Place to Work) • Relatively small organisation with financial strength Declining production & prolonged low prices Opportunities Threats • Pioneering role in decommissioning and re-use • Long-term low oil and gas prices, negative • Contributing to the debate on the energy transition investment climate • Boosting efficiency in E&P activities (low-cost • Exacerbated support for E&P activities development) • Earthquakes in Groningen and other disasters • Contributing to accelerating the development of (ultra-) • Disappearing infrastructure deep geothermal energy and CCS in the Netherlands • Long-term low prices create the risk of joint • Encouraging new activities in open areas venture partners being unable to meet restoration • Attracting new operators for the Netherlands obligations • Data theft or unavailability of IT systems EBN - Annual Report 2016 page 21

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Local gas transport Gas collection pipelines at sea National gas transport Integrating wind and gas Geothermal energy Gas storage Exploration and production of oil and Storage of CO2 gas ﬁelds, both onshore and oﬀshore EBN is engaged in these activities EBN investigates these activities EBN is not engaged in these activities EBN - Annual Report 2016 page 22

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3.3 Vision, mission and strategy not available. This means gas is the support and backup process. It is expected that it will become clear in the The changing environment was the reason for EBN to for renewable energy. Gas will continue to play an course of 2017 how the acceleration of geothermal energy actively review the focus of the current activities and important role until we are able to set up our entire energy in the Netherlands is going to be organised. research new activities. Moreover, a number of priorities supply in a sustainable manner. We refer here again to were established in the strategy where we give meaning the Energy Agenda of the Ministry of Economic Affairs, in to the more active role we aspire to. which the role of gas is described as follows: “Also on the transition path to the ambitions of the Paris Climate 3.3.1 Vision and mission Agreement, gas as the least polluting fossil fuel will still Our vision is: ‘The Dutch geological energy sources play play an important role in the transition for a long time”. an important role in the energy transition’. Our mission is: ‘Realising value from geological sources of Pioneering role in decommissioning and re-use energy in a safe, sustainable and economically responsible In the next few years, the oil and gas industry faces a manner’. major challenge with regard to the clean up (or re-use) of infrastructure in the North Sea, but also onshore. More 3.3.2 Strategic priorities and more fields are reaching the end of their service life, Three strategic priorities detail our mission: which means that the corresponding infrastructure is no 1) Making the most of Dutch energy sources, longer required and therefore needs to be cleaned up. EBN 2) Taking a leading role in the decommissioning issue, wants to take a pioneering role in the decommissioning 3) Contributing to accelerating the development of (ultra issue, and hence a leading position. In cooperation with deep) geothermal energy. the sector, we have drawn up a Master Plan Decommissioning For this last priority the Ministry of Economic Affairs is at and Re-use. We are striving towards safe, sustainable and this time only carrying out an exploration. EBN and TNO cost-efficient re-use, or decommissioning of existing support this exploration. platforms and wells. Optimal use of Dutch energy sources Strengthening role of geothermal energy The Netherlands still possesses a considerable potential Geothermal energy can make a major contribution to CO2 of gas resources, which can be optimally used for the neutral energy management. The Ministry of Economic energy transition. The starting point is ‘Customised Gas’, Affairs is currently exploring the further development of which means that we want to use Dutch gas only there (ultra) deep geothermal energy in the Netherlands. EBN where more sustainable or cleaner forms of energy are and TNO support the Ministry of Economic Affairs in this EBN - Annual Report 2016 page 23

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3.4 Material topics In 2016 we put extra emphasis on the dialogue with our Material topic: More information about this: Page key stakeholders. The goal was to determine the Manufactured importance of the material topics and obtain a list of the 1. Effective exploration and production of oil and gas Technical results 33 aspects that were high on the agenda both for EBN and the 2. Decomissioning and re-use Interaction with our stakeholders 29 33 stakeholders. The materiality matrix here below shows how much Intellectual weight the various material topics put on the scales - for 5. Innovation Technical results 33 the relevant interested parties and for EBN. The chart 3. Collecting and bringing knowledge Interaction with our stakeholders 29, 33 reveals where the interests overlap. We have classified our material topics according to the structure from the Human framework of the International Integrated Reporting 9. Attract and develop talent The people of EBN 43 Council (IIRC). 4. Effective advice and influence Business model 10 Our material topics are based on four values that form a Natural natural basis for us. These values are transparency, 6. Sustainability in the value chain EBN Sustainability Report 2015-2016 www.ebn.nl integrity, collaboration and staying critical. 7. Development new energy GRI Index 2015 Annex 9.5 Financial 8.Creation of economic value Economic and social results paragraph 4.4.4 – 4.4.6 43 Financial Statements 84 Social/relationship 10. Support for our work Strategy 13 Interaction with stakeholders Groningen field 40 11. External security Risk management 54 12. Active contribution to the debate on the energy Interaction with our stakeholders 29 transition Prospects 2017 47 EBN - Annual Report 2016 page 24

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Materiality matrix 1. Effective exploration and production of oil and gas 2. Decomissioning and re-use 5. Innovation high 1 2 3. Collecting and bringing knowledge 3 5 9. Attract and develop talent 4. Effective advice and influence 12 6. Sustainability in the value chain 7 7. Development new energy 8. Creation of economic value 10. Support for our work 8 11. External security Impact on stakeholders average 12. Active contribution to the debate on the energy 4 transition 11 9 6 10 low low average high Influence EBN EBN - Annual Report 2016 page 25

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3.5 Trends, implications, risks and opportunities The chart below shows what opportunities the identified trends offer, what risks these opportunities entail for us and how they are linked to our strategy. Trends Opportunities and risks Strategic priorities Opportunity: Low prices lead to more focus on efficiency, innovation and collaboration. Risk: Structurally low oil and gas prices or even a further decline in oil and gas prices affect the investment climate in a negative way which leads to postponing the maintenance of installations and other necessary investments. Rising costs and falling prices Risk: The structurally low oil and gas prices create the risk that joint operation partners cannot comply with their long-term obligations, in particular with respect to the decommissioning of installations. 1 Optimal use of Dutch gas resources Opportunity: Transparency about EBN’s strategy and activities ensures clarity and credibility. This attracts (technical) talent and leads to more knowledge within the organisation. 2 Taking control in the decommissioning issue Support of Risk: Earthquakes and other disasters may occur during our partners’ operations. oil & gas industry Risk: There is a risk that insufficient coordination and knowledge sharing from EBN and/or between the operators can lead to inefficiencies and lack of clarity. Strengthening, improving 3 and developing geothermal energy Opportunity: Gas can be used as a transition fuel. To do this EBN is actively working to make the most of the underground potential of the Netherlands. Opportunity: EBN focuses on the discovery and development of renewable energy sources. Energy transition Risk: The risk lies in that EBN is not able to adapt the organisation to the changing environment. Risk: The risk is that the activities of EBN and partners may be affected in a negative way. EBN - Annual Report 2016 page 26

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4. Results for 2016 To implement the core activities (invest in our joint operations, manage the joint operations and develop and apply knowledge for the joint operations), 1) we maintain close contact with the operators and our other stakeholders 2) we conduct our own technical studies and 3) we create economic and social value. For a bird’s-eye view of the results obtained by EBN in 2016 we refer to the key figures on page 7. EBN - Annual Report 2016 page 27

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Subject Explanation Objective Realisation EBN’s profit EBN’s profit displayed in million EUR ≥ 339 333 Administration costs EBN’s costs for staff, hiring expertise, office, etc. shown in million EUR ≤ 15.8 15.5 Opex/m3 The operational costs of the extraction of gas (including condensate) in the Netherlands in EUR per m3 ≤ 6.72 5.82 Reserves maturation small fields The net supplementation (maturation) of gas reserves in the Netherlands in GNm3 ≥ 9.7 9.27 Exploration drills The number of exploration drills in new locations offshore or onshore. ≥3 3 The transparency benchmark is an annual study into the content and quality of social reporting Score transparency benchmark ≥ 148 172 (max. 200 points) Completion of recalibration of EBN’s EBN completes the review of the strategic priorities Ja Ja strategy EBN - Annual Report 2016 page 28

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4.1 EBN general objectives For 2016 the Executive Board along with the supervisory board has determined a number of objectives for EBN. These objectives, and the results obtained, are shown on page 28. Notes on the objectives The profit of EBN was pressured by the low gas price, resulting impairment losses and costs of repairing earthquake damage in Groningen. Because of this, the realisation of the profit target was behind by EUR 6 million of the stated goal of EUR 339 million. Adminisration costs were less than the target amount of EUR 15.8 million thanks to lower costs for travel, automation costs, and communication and sponsorship costs. The operational costs for the extraction of gas (including condensate) in the Netherlands were estimated at 6.72 EUR/m3. Through targeted efforts - both by operators and by EBN - to reduce operating costs, the objective was amply achieved (5.82 EUR/m3). There were three exploration drills meaning the target was achieved. The score on the transparency benchmark was positively surprising; in the area of cohesion of the report, comprehension of the core activities and interaction with stakeholders EBN made progress and achieved a score of 172 points. In 2016, the review of EBN’s strategic priorities was also completed. 4.2 Our stakeholders Energie Beheer Nederland wants transparent reporting on our stakeholders: who they are, how we shape our interaction and what issues are discussed. For interested parties we use the definition of the word ‘stakeholders’ in the Global Reporting Initiative, roughly meaning: on the one hand stakeholders are entities or individuals who EBN - Annual Report 2016 page 29

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‘We create economic may experience significant effects from our activities, Interaction within the framework of strategic products and services; on the other hand, the actions of themes in 2016 and social value’ stakeholders may affect achieving the strategies and Strategy dialogue objectives of EBN. We have explicitly involved our stakeholders in 2016 in the review of our strategy. We have had dialogue with Interaction with stakeholders in 2016 policy makers, organisations in the entire sector, We have included a table in the annex 9.1 that describes knowledge institutions and social organisations. We have who our stakeholders are, what form the interaction with done this in the form of interviews and round tables. EBN these parties has, and what the discussion issues were in employees were able to actively participate in this and the 2016. Executive Board and members of the Supervisory Board were closely involved. To get to an integrated strategy from the input of stakeholders and employees the EBN strategy team, consisting of Executive Board members and staff, were supervised by a consultant during a workshop, with the Supervisory Board and the DG Energy, Telecommunications and Competition on behalf of the Ministry of Economic Affairs. Ultimately a final strategy was formulated, which provides for a more active role by EBN - Annual Report 2016 page 30

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EBN in making the most of Dutch energy sources, a Energy dialogue Interaction in: Taking the lead in the pioneer role for EBN in the area of decommissioning and Following the Energy Report 2015: Transition to sustainable decommissioning issue re-use and a contribution by EBN to accelerating (ultra the Ministry of Economic Affairs has taken the initiative Interviews for the “Netherlands Master Plan deep) geothermal energy in the Netherlands. The strategy for an energy dialogue. Organisations themselves were Decommissioning and Re-use” was discussed with the Minister of Economic Affairs, who invited to organise meetings about pressing matters in The recalibration of the strategy has led to the initiative agreed to the course taken. (For more information on the this dialogue. EBN collaborated in the organisation of for a Master Plan Decommissioning and Re-use. This plan elaboration of the strategy, see page 18). three round table meetings at the KVGN (Royal Association came about in 2016 in close cooperation with operators, of Gas Producers in the Netherlands). Here the sector suppliers and the Ministry of Economic Affairs. Social Interaction in: Optimal use of Dutch energy discussed the future role of natural gas with various social organisations provided input via interviews. The plan sources organisations at management level. The input of the describes, among other things, the initiative for a National Within our strategic themes Optimal use of the Dutch energy stakeholders was taken into account in the drafting of a Platform Decommissioning and a Decommissioning sources the following activities have taken place with KVGN vision Customised gas. This vision describes how Database. One of the themes in the plan is the interaction stakeholders: maximum CO2 reduction can be realised with gas. The with stakeholders. They will have an important role in the vision is shared with the Ministry of Economic Affairs. implementation of the plan. At the end of November GILDE 2016, we presented the plan to the Ministry of Economic Within the joint venture GILDE (Gas In a Long-term Expert meeting Drilling in the Subsurface Affairs. Sustainable Energy Management) in 2016 we worked on Following the draft Structural Vision Subsurface (STRONG) possible transition paths for gas. In addition, a joint strategic issued in November 2016 at the request of the Ministry of agenda was set up. In this agenda each of the parties Economic Affairs, together with the Ministry of Economic commits to the emergence of initiatives that contribute to Affairs and the VEWIN (Association for Water Extraction the realisation of a CO2 neutral energy supply in 2050. Companies), EBN organised an Expert meeting Drilling in the Subsurface. The purpose of the meeting: exchange of information on the different activities in the subsurface. Thirty experts from the government, inspection, water companies, consultancy firms, salt mining, oil and gas and geothermal energy took part. The meeting will have a sequel in 2017. EBN - Annual Report 2016 page 31

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EBN - Annual Report 2016 page 32

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Interaction in: Strengthening and improving 4.3 Technical results Below, the research and other activities that took place in the development of geothermal energy In 2016, EBN focused on the following technical issues: 2016 are described. Workshops geothermal energy Exploration, Mature Fields, Tight Reservoirs, Infra- In cooperation with the Ministry of Economic Affairs and structure & Decommissioning and Re-use, Earthquakes Exploration TNO we organised three workshops around the theme of Groningen and Geothermal Energy. The purpose of the studies in the field of exploration is ultra deep geothermal energy (UDG). The workshops were twofold: 1) identifying possible new gas reserves and dedicated to exploring the possibilities for UDG in the The chart below reflects the technical objectives for the making the most of known potential gas reserves in the Netherlands. The focus was on developing concrete pilot year 2016. subsurface of the Netherlands and 2) actively retrieving projects. The first workshop was designed for a wide and bringing knowledge into and outside of the Dutch gas range of stakeholders with an interest in UDG. The second sector. workshop focused more on potential operators, heat detectors and investors with UDG concrete initiatives. At 4.3.1 Identifying possible gas reserves the third meeting, EBN’s evaluation of the project We do our own study work to identify possible new gas and initiatives was shared with representatives of these oil resources. EBN takes part in a large number of initiatives. The exploration of the possibilities to develop collaborations and Joint Industry Projects. UDG in the Netherlands will be continued in 2017. The studies focus mainly on areas on the continental shelf where currently no exploration or extraction licenses have been issued. In 2016, the focus of work was in the northern EBN - Annual Report 2016 page 33

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Subject Objects Result in 2016 More information Publication of Focus on Dutch EBN publishes the report Focus on Dutch Oil and Gas, in The report was published in May 2016. See www.ebn.nl Oil and Gas which the course of affairs in the E&P sector is reflected. BOON benchmark Bi- annually EBN conducts the BOON benchmark, in which The BOON benchmark was executed in 2015 and is plan- See page 62 of the EBN investigates the operational costs of activities in the ned again for 2017. annual report North Sea at the request of NOGEPA. Decommissioning and Re-use EBN takes a leading role in the field of Decommissioning The master plan was developed in cooperation with the See page 35 of the and Re-use and is developing a master plan. sector by EBN and presented on 30 November 2016. annual report Exploration of geothermal EBN contributes to the exploration of the Ministry of Eco- In 2016, EBN contributed to the exploration of the Ministry See page 33; 37 of the energy nomic Affairs of how (ultra) deep geothermal energy can and will continue this contribution in 2017. annual report make a contribution to the Dutch heat supply. Contributing to Synergy EBN contributes to studies into the synergies between oil, In 2016 EBN contributed to studies into the synergies bet- See page 35 of the gas, geothermal energy and wind. ween oil, gas and geothermal energy. EBN also contribu- annual report ted to studies into the synergy between gas and wind. EBN investigations EBN conducts studies for the topics of exploration, infra- In 2016 EBN carried out its own research on the themes See page 33 of the structure, tight reservoirs, earthquakes Groningen and and/or contributed to third-party research. annual report mature fields. EBN - Annual Report 2016 page 34

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part of the North Sea, (the D, E, F, A and B blocks), and on Groningen field. Of these fields now more than 90 percent Infrastructure, Decommissioning and Re-use two specific plays. Our work in 2016 led to concrete results: is in the mature phase or in the tail-end phase of the Because of the sharp fall in gas prices during the last two exploration permits were requested and/or granted this extraction, which means that more than 50 percent of the years decommissioning of infrastructure, consisting of year in several areas in which EBN carried out and volume has been extracted and that the production is platforms, production wells and pipelines onshore and promoted exploration studies in recent years. further decreasing. EBN’s target for this portfolio is to offshore is approaching faster than expected. It is maximise economic extractability and extend economic important that the current infrastructure contributes as 4.3.2 Actively collecting and bringing knowledge life where possible. For this purpose, the operating well as possible to the energy transition. This means that We share knowledge with interested parties through expenses (OPEX) should be minimised and the proceeds infrastructure is not removed prematurely, so that the various platforms. In 2016 EBN organised the Dutch should be optimised. It is important to have a good marginal Dutch gas reserves can still be extracted insofar Exploration Day for the first time. A wide delegation of knowledge exchange between operators. as possible and infrastructure through any other use (e.g. operators active in the Netherlands was present. EBN energy storage and conversion, CO2 storage) may have presented its own studies and offered consultants the EBN conducts studies for increasing the yields in the significance in the energy transition. We are working chance to present studies into the Dutch subsurface. mature fields. Analyses are performed on the entire together with TNO and several industrial parties in the Thanks to presentations at the conferences Palaeozoic portfolio to get more insight into the production behaviour TKI project System Integration Offshore Energy. Here we Plays of NW Europe and Mesozoic Resource Potential in the of the Dutch reservoirs in general. Specific fields result look for opportunities on synergy between the E&P sector Southern Permian Basin and the Prospex fair in London we from this analysis that require more attention. In and the windmill sector. EBN actively contributes to this also reached operators who are not yet active in the addition, EBN supports and contributes to research under project with knowledge. No platforms were Netherlands. As a result of the above activities multiple the banner of the Top Consortium for Knowledge and decommissioned in the year 2016. operators expressed interest in our studies and the results Innovation (TKI) for gas, where we work together with were shared with interested parties. A database was made different industrial partners and knowledge institutions. The decommissioning of infrastructure is a topic of study operational in 2016, which allows operators to efficiently in the Master Plan Decommissioning and Re-use that generate an overview of Geo-drilling Events. Geo-drilling Tight Reservoirs came about in 2016. The Master Plan describes among Events are incidents with a geological cause that have led For several years, EBN has had special attention for gas other things the initiative for a future National to a delay in the drilling process and which could possibly fields whose permeability is so low that the extraction is Decommissioning Platform and a Decommissioning have resulted in a dangerous situation (Geo hazard). limited without special measures, or that are not even put Database. Other initiatives focus on developing new Examples are formations with a high drilling resistance into development (so-called stranded fields). A new technologies, standardisation, international best or rock with abnormally high pore pressure. A good inventory of these gas fields showed that under the current practices and clarity with regard to regulation of overview of Geo-drilling Events helps in designing a new circumstances the extraction of about 29 billion m3 natural decommissioning and re-use of the infrastructure of oil well. The Geo Drilling Events database was presented to gas is at stake: 18 billion m in existing fields and 11 billion 3 and gas extraction. More info on the Master Plan is an operator for the first time on 25 November 2016. The m3 in prospects where the presumption is that these are available on www.ebn.nl/masterplan. database was very well received. In 2017, this database fields with low permeability. We are investigating why the will also be made available to other operators. permeability of some fields is so low and are also looking Earthquakes in Groningen at the distribution of these fields in the Netherlands. This There were also earthquakes in Groningen in 2016; the worst Mature Fields means we can better predict the properties of the Dutch was on 25 February 2016 at Froombosch with a force of 2.4 on EBN takes part in the operation of approximately 240 reserves. We have also carried out studies in 2016, which the Richter scale. At 13, the number of quakes with a small fields, all gas fields in the Netherlands as well as the were focused on different forms of reservoir stimulation. strength of 1.5 or higher in 2016 was significantly lower EBN - Annual Report 2016 page 35

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EBN - Annual Report 2016 page 36

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than in 2015 when there were 21 quakes. The relative EBN developed activities in 2016 in a variety of ways to explore how ultra deep geothermal energy (UDG) can be share of the heavier (strength 2 and higher) quakes also contribute to a safer and better production of the unlocked in the Netherlands. UDG means geothermal has declined. Stakeholders, including the State Groningen field, in line with its mission and the policy of energy that can produce hot water on a large scale of more Supervision of Mines (SodM) and NAM, are convinced the Minister of Economic Affairs. We started various than 120 degrees with wells deeper than 4 kilometres. that the decline in the numbers of quakes is a result of the studies that should contribute to better understanding of Industrial processes can be made more sustainable with reduced production. However, to make more accurate the processes in the subsurface around the quakes. This water of such temperatures or higher. The exploration predictions of seismic activity in the next few years more work is complementary to the investigations that were has started with two workshops in which various ongoing study is needed. carried out by NAM or other parties under NAM’s project initiatives were identified and those requesting management, but also investigations of other parties heat and potential operators were involved. The Ministry, On 1 April, NAM filed the new extraction plan 2016 for the such as SodM and KNMI. The results of EBN’s technical EBN, TNO and market parties will continue this Groningen field. The government, partly based on studies are shared with these parties. exploration in 2017. For this development, but also for opinions of SodM and various other parties, agreed to it. ordinary geothermal energy (between 2 to 4 kilometres This sets the maximum annual production for the next Exploration of Ultra deep geothermal energy depth) the Ministry is examining if there is a role for EBN five years at 24 billion m3 per year with an annual point of development and possible role EBN to strengthen and accelerate the development of time for ‘recalibration’. Several lawsuits have been filed The Ministry of Economic Affairs is examining how geothermal energy with its knowledge of the resources in against NAM, EBN and/or the State for liability for geothermal energy in the Netherlands can contribute to the Dutch subsurface. The results of this research are material and immaterial damage. the heat supply in the Netherlands. The Ministry has expected to be announced by the Ministry in 2017. asked EBN and TNO together with market parties to EBN - Annual Report 2016 page 37

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production fell from 28.1 billion Nm3 in 2015 to 27.6 billion Total number of joint operations Nm3 in 2016. The small fields in which EBN participates 120 produced 20.6 billion Nm³ (2015: 22.4 billion Nm³). 109 109 The gas stocks, which are produced from the underground gas storages Norg, Grijpskerk and Alkmaar during the 90 winter months, are normally injected into the storages in the summer months. At this time there is a minor imbalance of almost 0.4 billion Nm³ between Grijpskerk 60 (positive) and Norg (negative). 36 33 34 33 30 The total gas production for 2016 is just under 48.2 billion 12 12 Nm³ (excluding the imbalance from the gas storages). The EBN share in the gas production in 2016 was 19.9 0 2015 2016 billion Nm³ (2015: 21.8 billion). The oil production totalled 0.26 million Sm3 (Standard cubic meter) compared to 0.42 Joint operations offshore production million Sm3 in 2015. The production from small fields in Joint operations onshore production 2016 was slightly lower than budgeted. In 2015, production Joint operations offshore exploration Joint operations onshore exploration fell by 6.5 per cent, in 2016 by 8 per cent. The share of small fields in the total gas production decreased slightly compared to 2015 (43% compared to 45% in 2015). 4.3.3 Joint operations for exploration and 4.3.4 Drilling production In the joint operations the plan was to perform 21 drills in Schoonebeek As at 31 December 2016, EBN participates in a total of 198 2016. Eventually sixteen were realised: six exploration In 2015, oil production in Schoonebeek was stopped joint operations (31 December 2015: 200). This concerns and evaluation drills and ten production wells. The because of a leak in a water transport line. On 25 February 188 joint operations in exploration or production activity level was low last year because of the low oil and 2016, operator NAM started the repair of a 45-km-long activities. We are also participating in five pipelines gas prices. The sixteen executed drills provided technically pipeline. They opted for a so-called Pipe-in-Pipe repair (including gas purification facilities), four gas storage extractable gas in twelve cases. Nothing was found from method, in which an 8-inch pipe is pulled through the facilities and the gas wholesaler GasTerra B.V. The total one drill. At another two, there were only traces of gas existing 18-inch pipe. The repair was successful and the number of partnerships dropped slightly compared to present. One drill failed for technical reasons. It concerned project was completed well within schedule and within last year. Four new partnerships in exploration and twelve drills offshore and four onshore. budget. On 17 August, oil production could be restarted. extraction activities were entered into. Six collaborations However, there were many questions from the province, in exploration or extraction activities were discontinued 4.3.5 Production municipalities and residents at that time. NAM, therefore, because the end date of one licence passed, three licenses In response to the earthquakes in the province of delayed the start of production until all questions were were relinquished and two exploration permits were Groningen, the Minister of Economic Affairs in 2015 answered. Schoonebeek oilfield restarted production on converted into extraction permits. decided to further decrease the production ceiling for the 17 September. gas extraction from the Groningen field. As a result, the EBN - Annual Report 2016 page 38

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4.3.6 Reserves In 2016, the (estimated) gas reserve in the Dutch soil New fields 2016 declined by 94 billion Nm3 to 746 billion Nm3. EBN’s share Abandonned wells 2016 in this (estimated) gas stock amounts to 301.3 billion Nm3. Drills 2016 4.3.7 Oil and gas portfolio The Netherlands has considerable potential in small oil and gas fields offshore but also onshore. In total, EBN participates in the production of gas (and to a lesser extent of oil) from approximately 240 small Dutch fields. In 2016, five new fields were put into production. Oranje Nassau Energie B.V. put two offshore fields into use, NAM one offshore field and one onshore field and Vermilion put one onshore field into use. 4.3.8 Seismic surveys No seismic shootings were performed in 2016. EBN - Annual Report 2016 page 39

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The cooperation concerning The Groningen field was discovered by the Nederlandse of the Groningen field. This agreement also incorporated the Groningen field Aardolie Maatschappij (NAM) and NAM applied for a the N.V. Nederlandse Gasunie, which was to take care of In 1959, the so-called Groningen field was discovered ‘concession for the exploitation of petroleum and natural purchasing, transportation and sale of the Groningen under the Groningen farmlands, one of the largest gas gas’ in the province of Groningen. That application was gas. Staatsmijnen received 40% of the shares in Gasunie. fields in the world. The field is approximately nine granted on 30 May 1963, in which the Dutch state in the This agreement of cooperation was signed in 1963 and hundred square kilometres, representing a third of the interest of the Dutch economy attached as a condition to was approved by the Minister of Economic Affairs. The total area of the province of Groningen. the concession that NAM, its shareholders at the time branch of DSM that managed the Groningen field and B.P.M. (now Shell) and Jersey (now ExxonMobil) and De the stake in Gasunie became a separate B.V. in 1989 cal- Staats Mijnen in Limburg (predecessor of what is now led Energie Beheer Nederland (EBN), with the State as DSM), had to work together very closely in the areas of sole shareholder. Until 2006 DSM conducted the production, transport and sales of extracted natural gas. management of EBN. As of 1 January 2006, the Executive In order to enforce this requirement an agreement of Board of EBN reports to a Supervisory Board appointed cooperation was concluded between these parties in by the Minister of Economic Affairs. which they recorded how they would detail the operation Maatschap Groningen GasTerra ‘PERSONELE UNIE’ Board of Trustees Partnership (CBM) Board of Delegated Commissioners (CvG) Supervisory Board (SB) EBN: two members EBN: two members EBN: CvG members and one additional member NAM: two members Shell: one member Shell: CvG members and one additional member EZ: a listener, as a government representative Esso: one member Esso: CvG members and one additional member EZ: one member EZ: CvG member EBN - Annual Report 2016 page 40

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The management of the partnership, which NAM and EBN entered into based on the agreement of cooperation, was charged to a Management Board Partnership (CBM). On this board, there are two members of EBN and two members of NAM. A government representative from the Ministry of Economic Affairs also attends the meet- ings. In the Management Board Partnership issues such as the extraction of the Groningen gas and the storage of gas in the underground gas storages built later in Grijps- kerk and Norg are discussed. The gas extracted in Groningen is sold to wholesale com- pany GasTerra B.V., the trading arm of Gasunie that broke off in 2005. EBN is 40% shareholder of GasTerra. GasTerra also buys gas from small Dutch gas fields and from Norway and Russia as well as Groningen gas and sells it to customers at home and abroad. The Executive Board of GasTerra reports to a supervisory board and to the Board of Delegated Supervisory Directors. This Board is intensively involved in the management and supervi- sion of GasTerra. As determined in the agreement of cooperation there are the same five people on this board as those involved in the Management Board Partnership, this is called the personnel union. At EBN the organisation of our share in the Groningen field and in GasTerra is invested within the ‘Groningen team’. This is a team led by the director of Asset Management and consists of a business controller, a commercial adviser and a lawyer. They spend about thirty per cent of their time on work for this team. On behalf of EBN, the CEO and chairman of the Manage- ment Board Partnership are on the Management Board Every year, there are four meetings of the Management several issues are discussed, including the production of Partnership. They receive information and input from Board Partnership. The Board of Delegated Supervisory the Groningen gas, capacity issues and developments of the Groningen team in preparation for their decisi- Directors meets eight times each year. The EBN Gronin- sales of the Groningen gas . on-making. gen team meets once a month. In these meetings, EBN - Annual Report 2016 page 41

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Operational performance indicators up until 20151 2015 2014 Energy consumption 20.2 PJ 20.2 PJ Energy-efficiency improvements (result vs. target) 10.5 vs 15.1% 9.52 vs 15.1% Energy consumption as a percentage of the energetic carbon production 2.8% 2.3% CO2-emission 772 kton 814 kton Methane emissions 6.0 kton 5.7 kton Fatal accidents 0 0 Industrial accidents that led to absenteeism 27 22 Industrial accidents that did not lead to absenteeism 22 24 1) Operational performance indicators are reported based on statements by operators and consolidated by the Netherlands Enterprise Agency. 2) 2011-2014 figures are adjusted in 2015/2016 Sustainability Report in relation to corrections implemented by operators. EBN - Annual Report 2016 page 42

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4.4 Economic and social results in 2016. We use the results of the satisfaction survey as The average age was 43.2 in 2015, in 2016 it was 43.7. EBN input for our Executive Board and management for invests in the development of young talent. We are 4.4.1 Sustainability improvements in business operations. committed to the development of a new generation of Within the oil and gas industry there is still a lot of ambitious young people who consciously choose a opportunities for making the sector more sustainable. There are 81 employees at EBN. In 2016, EBN invested in (technical) role in the E&P sector, at an organisation that Together with our partners we are assessing the developing the knowledge and skills of our employees. supports the public interest. We offer a traineeship to possibilities for progress. By 2016 we had defined the We encourage them to follow appropriate training courses young people. These trainees develop knowledge and main outlines of our sustainability policy, in which within and programmes; however, the situation in the E&P personal skills in their contract period of three years and our policy frameworks we concretise the contribution to sector affected the course of specialist training, it could can then make substantive contributions to the sector. the energy transition and make our activities sustainable. often not take place due to lack of registrations. The hours In order to provide insight into our sustainability policy, that employees spent in training and development Last year, the number of FTEs at EBN was virtually we published the Sustainability Report 2015/2016. We (training, seminars, courses, conferences) compared to unchanged, in 2015 it was 74.5 FTEs and in 2016 74.8 FTEs. also report on our operational performance indicators, 2015 therefore dropped from 54 to 45 training hours on Female employees are 33% of the workforce. Female i.e. our own sustainability performance and that of the average per employee. employees are employed at all levels, from management sector. The 2015/2016 Sustainability Report can be found to the Supervisory Board with the exception of the at https://www.ebn.nl/publications/?lang=en. In addition to knowledge development, EBN invests in management team. Twenty percent of the managerial coaching and training for personal development, for and/or professional roles are filled by female employees. In 2016 we have defined the main outlines of our example, communication skills and personal leadership. sustainability strategy. Based on this strategy, in 2017 we In addition, we invest in professional development by 2016 was a less positive year for EBN as regards the will further detail measures that contribute to the energy having employees carry out assignments at one of our percentage of absenteeism. This increased from 3.8% to transition and the sustainability of our activities. partners for several months. In 2016, three employees 4.9%. The increase is mainly due to the increase in the In 2017, we report the progress in the Sustainability carried out such an external assignment at Oranje-Nassau percentage of long-term absenteeism (from 2.8% to Report 2016/2017. We want to involve our stakeholders by Energie B.V., SodM and the Ministry of Economic Affairs. 3.7%). Short and medium-long term absenteeism ensuring that EBN’s sustainability policy is in line with together slightly increased from 1.1% to 1.2%. EBN the expectations of our stakeholders. All EBN employees are appraised once a year by their supervises sick employees by personal contact from supervisor and also have a career development interview management and colleagues as well as providing The sustainability report will be published in the summer. each year in which their short and long-term objectives coaching, stress prevention, bringing in expertise We report according to GRI guidelines. in the area of (career) development are discussed. A agencies and external multidisciplinary assistance with For an overview of the most important issues for EBN and 360-degree feedback programme was started in 2016 at reintegration projects. its chain partners and the relevant GRI indicators, we EBN for all layers of the organisation. Employees and refer to the GRI index in annex 9.5. managers and possibly external contacts can give feedback on a colleague if requested. This includes 4.4.2 The people of EBN qualitative and quantitative input on skills important to Bi-annually EBN participates in an employee satisfaction EBN. The results help the employees in their own survey conducted by Great Place to Work. EBN is proud to development and personal leadership. once again have received the ‘Great Workplace’ certificate EBN - Annual Report 2016 page 43

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Subject Objective Result in 2016 Total absenteeism (short-term, EBN strives for a total absenteeism rate (short-term, medium-term, long-term) of less The absenteeism rate was 4.9% medium-term, long-term) than 3%. Short-term and medium-term The short-term and medium-term absenteeism rate is less than 2.5%. The short-term and medium-term absen- absenteeism teeism rate was 1.2%. Staff turnover EBN is aiming to achieve a staff turnover rate of less than 10%. The turnover rate was 8.64%. Career guidance All employees have an annual performance and development appraisal meeting. In 2016, all employees had a performance and development appraisal meeting Diversity EBN strives to have a gender-balanced workforce. EBN continues to endeavour towards 33.3% of the workforce is female a male-female balance of at least 65/35% EBN - Annual Report 2016 page 44

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4.4.3 Employee participation investment ratio of operators in the Netherlands, production from small fields will diminish considerably. In 2016, the Works Council held formal consultations four Groningen and EBN’s restoration obligation and the A relatively low level of investment is also expected in times with the director. A member of the Supervisory operators for platforms and pipelines were discussed 2017. Board was also present at two of these meetings. An here. Supervisory board member Arnold Gratama van important issue in the first quarter was the arrival of our Andel was present at the last meeting of the year. The 4.4.5 Sales new director Jan-Willem van Hoogstraten and the calibration of the annual reviews and a one-time change Gas and gas storage capacity transfer of the administrative duties. In April the first in the methodology for salary adjustments were on the Due to the mild winters of recent years and the oversupply consultation with the new CEO took place. Topics of agenda. Furthermore, the first results in the field of the of gas on the world market the gas prices in 2016 came out conversation included the recalibration strategy and the implementation of the new strategy were shared with the at no less than 28 percent lower than in 2015: 14.1 EUR/ future of EBN in a changing energy market. The strategy Works Council. MWh on average. The prices on the Title Transfer Facility was further discussed in June during the second (TTF), one of the most liquid virtual trading places for gas consultation with the director and in the presence of 4.4.4 Investments in Northwestern Europe peaked in December at around Supervisory board member Jan Willem Weck. The The investments in the extraction and storage licences 19.3 EUR/MWh, but in the summer gas was sold under 11.0 investigation into a possible role of EBN in geothermal have decreased by 50 per cent from EUR 564 million in EUR/MWh. energy was also addressed. Furthermore, the renewed job 2015 to EUR 281 million in 2016. This development is a descriptions and the 360° feedback to be implemented cause for concern: it is important to continue developing The weighted average yield rate for the EBN gas portfolio, were on the agenda. In September the third consultation fields and adding new reserves to maintain production at in line with the market, is 32 percent lower than in 2015: took place. The credit rating of EBN and the low a reasonable level. Without sufficient investment, gas 13.7 EUR/MWh. Total sales fell by 5% to almost 20 billion EBN - Annual Report 2016 page 45

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The weighted average sales price for the oil and condensate Payments to the Dutch State portfolio of EBN came to over EUR 37 per barrel, which is 16 percent less than in 2015. The difference with the price 5000 of a barrel of Dated Brent is due to a high share of 4100 condensate in the total sales. This product is usually sold at a reduced price. Total sales of oil and condensate in 2016 came to over 2.7 million barrels, 36% less than in 3750 2015. As expected the offshore oil fields are approaching the end of their economic life but also some condensate 2735 rich gas fields fell practically still after maintenance in 2327 the summer. The production from the Schoonebeek 2500 oilfield on the other hand has resumed but that did not make up for the decline. 1545 1614 4.4.6 Financial result 1250 848 760 The revenue in 2016 dropped by 35 percent to EUR 3.1 450 525 billion, compared to EUR 4.8 billion in 2015. The decrease in 333 turnover was mainly caused by both lower realised gas 96 139 prices (32 percent) and lesser realised sales of natural gas (5 0 2016 2015 2014 2013 percent). The realised sales prices for oil and condensate were also lower than in 2015. The net profit amounted to Corporate income tax Levies Net profit EUR 333 million. The operational costs amounted to EUR 982 million (2015: EUR 1.4 billion). The depreciation and amortisation, including impairment losses, amounted to EUR 0.8 billion (2015: 1.2 billion). The total contributions to Nm3. This was mainly the result of further production Oil, condensate and LPG the Dutch state, including taxes, amounted to EUR 1.3 limitation of the Groningen field and the expected The price for crude oil experienced a dip in January (EUR billion (2015: 2.1 billion). declining production from small fields. 24 per barrel), and then during the year rose to the year maximum of EUR 53 per barrel. This was mainly due to the In the past, financial results were paid out in full to the Gas storage capacity from the underground storage oversupply on the world market and the response by shareholder. This resulted in a numerically low solvency Bergermeer was auctioned again in June 2016. The OPEC and other oil exporting countries. The average price rate. On the other hand, there are significant and robust auctioned volume amounted to 2 TWh (0.2 billion Nm3). for a barrel of Dated Brent was EUR 40 in 2016, about 15% positive cash flows from business activities that are higher For this auctioned volume a sales price of around 2.7 EUR/ less than the previous year. than the investment expenditures. As a result, every year MWh was established. EBN has generated a significant free cash flow, resulting in our solvency being considered excellent. This is also expected to be the case in 2017. EBN - Annual Report 2016 page 46

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Starting from the financial year 2016, of the annual net expected to be met entirely from the cash without 4.5 Prospects 2017 earnings remaining after payment of the special profit refinancing with a new long-term loan being necessary in distributions, 60% is added to equity and 40% is paid out as 2017. Technical plans dividend to the shareholder. This addition to equity takes Exploration and Production place in principle until EBN has reached 10% solvency. EBN has a commercial paper programme of EUR 2 billion. In 2017, particular attention will be given to encouraging EBN also has a committed revolving credit line with three new exploration, attracting new investment and the EBN’s good solvency is also reflected in the long-term renowned banks, which allows EBN to withdraw up to EUR development and application of new technologies in the credit ratings, being Aaa at Moody’s and AA at Standard & 400 million for general business purposes. This credit line production phase. Seven exploration wells are expected Poor’s. runs until August 2021. Neither facility had been used at to be completed in 2017 and seven production wells will year-end 2016. Because of this, the liquidity position is be drilled and completed. The position of the cash and cash equivalents at the end of excellent, which is also expressed in the short-term credit 2016 was EUR 1,566 million (2015: EUR 661 million). Because ratings, being P-1 at Moody’s and A-1+ at Standard & Seismic surveys of this position and due to the significant annual free cash Poor’s. In addition, there are expected to be two seismic surveys flows that are also expected for 2017, EBN is able to offshore and there are plans to also acquire seismics comfortably meet its outstanding current financial onshore in 2017. The latter, however, depends strongly on obligations. Of the long-term loans, in November 2017 a the duration of the necessary authorisation processes. EBN loan of 10,000 million JPY (EUR 81 million) must be repaid. is also examining how the acquisition of seismics can This is included under current liabilities. This repayment is support the development of geothermal energy. EBN - Annual Report 2016 page 47

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Decommissioning and re-use ICT Strategy The following step will be taken in the framework of the In 2017, a new information plan and optimal ICT The trends ‘prolonged low prices and higher costs’, ‘the Master Plan Decommissioning en Re-use. Together with architecture will be further worked on, so that EBN’s energy transition’ and ‘public backing for the activities of EBN’s partners a hundred day plan will first be executed. unique data position and the ensuing knowledge can be the oil and gas industry’ were identified in 2016. This led Focal points are: optimally used for portfolio-wide analyses. Our to a recalibration of the strategy. The Executive Board of • The creation of a National Decommissioning Platform knowledge is also made available for the development of EBN expects the trends identified will also determine • Setting up a National Decommissioning Database geothermal energy and CCS. EBN’s surroundings in 2017. The Executive Board expects • In consultation with the regulators promoting to anticipate these trends adequately with the changed effective and efficient regulation Investment climate strategic priorities. The implementation of the strategy • Recording ways in which best practices with respect In the Energy Report, the Minister of Economic Affairs will be further pursued in 2017. To empower the to optimisation of costs and performance can be stressed the importance of the use of the remaining gas organisation adequately for the implementation of the shared. reserves. In 2017, it will become clear whether the current strategy a more thematically designed organisational In the second half of the year, the results of the above conditional investment credit of 25% will be replaced by a model is being sought with the help of a consultancy firm. topics will be implemented and a start will be made on generic investment credit of 40% to promote investment The Executive Board would like to work towards more additional topics. in small fields (for more information, see Investment focus, flexibility and result-oriented work. For 2017, the Climate section: tax incentives on page 31). It will also Executive Board has set both EBN objectives and Groningen become clear in 2017 how licence holders will furnish management objectives. The EBN objectives are key On the subject of Groningen Earthquakes EBN continues financial security for the compliance with their restoration indicators of the performance of EBN and are therefore to conduct research and, on the other hand, closely obligations (see also Financial guarantee decommissioning also the starting point for remuneration, for more follows research of others. In 2017, EBN is also actively and re-use section on page 31). information, see 9.4. involved in the progress and quality control of the studies performed on the mining plan for the Groningen field. Sustainability In 2016, the operational costs per m3 of extracting gas in In 2017, we will further detail measures we take as a result the Netherlands were still an objective. This objective is Geothermal energy and CCS of our sustainability strategy. The progress of this will be no longer set for 2017. In 2016, EBN formulated an EBN supports the Ministry of Economic Affairs in reported in the Sustainability Report 2016/2017. EBN has objective in the field of exploration drilling in new accelerating the development of (ultra) deep geothermal set a target of implementing the short-term actions that locations. For 2017 a target was formulated for all drills energy in order to pilot drilling for ultra deep geothermal ensue from the sustainability strategy in 2017. (exploration and production drilling). This was chosen energy with industry partners. Besides (ultra) deep because all drills contribute to the result and at a time geothermal energy, EBN is investigating how a broad where investment is at a low level all drills can be seen as roll-out of geothermal energy projects based on the non- a positive contribution to the Dutch gas sector. EBN’s operated venture-model can be made possible. EBN will strategy was recalibrated in 2016 and this resulted in also provide support in developing the roadmap for CO2 modified strategic priorities. In follow-up to the capture and storage (CCS), which the Ministry of Economic recalibration of the strategy, EBN has chosen to include a Affairs is working on. contribution to the acceleration of the development of (ultra) deep geothermal energy in the Netherlands as a goal for 2017. EBN - Annual Report 2016 page 48

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To achieve the EBN objectives the Supervisory Board formulates management objectives. The management Subject Explanation Objective objectives contain more concrete projects, which should contribute to the achievement of the EBN objectives. The EBN’s profit EBN’s profit displayed in million EUR ≥ 161 following management objectives were set for 2017. Administration costs EBN’s costs for staff, hiring expertise, office, etc. shown in million ≤ 15.8 During the year the progress of these objectives will be EUR monitored and reported on in the annual report for 2017. Reserves maturation The net supplementation (maturation) of gas reserves in the ≥ 9.7 small fields Netherlands in GNm3 GE. Drilling The number of drills offshore or onshore. ≥ 13 Score transparency The transparency benchmark is an annual study into the content ≥ 170 benchmark and quality of social reporting. Contribution EBN contributes to the exploration of the Ministry of Economic Yes geothermal energy Affairs to develop geothermal energy in the Netherlands. EBN - Annual Report 2016 page 49

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Objects Explanation Setting Up “Best Practices Forum” EBN wants to set up a ‘Best Practices Forum’ for the optimal exploration and production from small fields in the Netherlands. Health, Safety and Environment (HSE) benchmark In 2017, EBN would like to set up and use the HSE benchmark. This makes it possible to make the performance in the areas of health, safety and the environment of individual production sites and oil and gas companies comprehensible, and to work towards optimal results. Implementation 2017-sustainability policy actions EBN formulates actions for the first year of implementation in the sustainability policy. In 2017 EBN wants to implement all planned first-year actions from the policy. Organising Exploration Day In 2017 EBN will organise the Exploration Day again, a day on which the sharing of knowledge and studies between EBN, operators and suppliers is key. At least three exploration licences will be applied EBN aims at at least three exploration licenses being applied for by operators in 2017. for Organising Prospex stand EBN is taking part in the Prospex fair in 2017. The fair aims to bring possible oil and gas fields (prospects) to the attention of oil and gas companies. Launch of National Platform for Decommissio- In 2017, EBN wants to launch a National Platform for decommissioning and re-use along with industry partners. ning and Re-use Organise decommissioning and re-use conference EBN intends to organise a conference in 2017 on the theme of decommissioning and re-use. Setting Up North Sea Decommissioning Forum In 2017, EBN wants to set up a forum for decommissioning and re-use in which the neighbouring countries, United Kingdom, (NL, UK, DK, NO) Denmark and Norway, are actively involved. Study of underground energy storage in the In 2017, EBN will conduct a study into the possibilities of underground energy storage in the Netherlands. Netherlands Website www.hoewerktaardwarmte.nl In 2017, EBN will launch the website www.hoewerktaardwarmte.nl in collaboration, making information about geothermal energy available. EBN will make knowledge and expertise available. Set up of TKI programme energy transition In 2017, EBN will contribute to setting up a TKI programme for the offshore energy transition. offshore Partner day with the Ministry of Economic Affairs EBN wants to organise a partner day again in 2017 with the shareholder. FOCUS on Geo-Energy In 2017, EBN will publish the report Focus on Geo-Energy (formerly Focus on Dutch Oil & Gas) Update energy infographic 2017 In 2017, EBN wants to update the infographic ‘The Netherlands, land of energy’ to the situation in the year 2017. Determine virtual CO2 price for investment EBN wants to determine a virtual CO2 price for investment proposals in 2017. proposals Implementation of organisation proposal revised In 2017, EBN wants to adjust the organisation to the new strategic priorities by implementing a new organisation proposal. strategic priorities A more thematically designed organisational model will be used. Benchmark Great Place to Work EBN also wants to participate in the employee satisfaction benchmark Great Place to Work in 2017. Development training and development policy EBN aims to formulate a revised training and development policy for employees in 2017. EBN - Annual Report 2016 page 50

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