We have a track record of delivering our development projects on time and on budget. This offers the predictability and reliability that our partners value. Significant extra wealth is created for host countries when projects are delivered from exploration to first oil in the shortest timeframe.

In close cooperation with Qatar Petroleum, we reduced project lead time by two years. Maersk Oil took up the operatorship of the shunned Al-Shaheen field in 1992 and produced first oil in 1994. We celebrated the production of the billionth barrel in July 2010 and are finalising the latest USD 6 billion development phase of the field. This includes the installation of 15 new platforms and over 160 production and water injection wells. With well lengths of over 40,000 ft, some of these horizontal wells have set world records.

We are focused on meeting targets and executing projects efficiently. In Denmark, we produced first oil from the Halfdan field just two years after it was discovered in 1999. Simultaneously, water injection was established to accelerate and increase recovery. We are now concentrating our efforts on maximising the recovery for our mature assets and studying complex Enhanced Oil Recovery (EOR) methods that would add another 10-15 years of life and 5-15 percentage points of oil recovery to our Danish fields. In addition, we are reducing costs on our mature assets to prolong their life span. Link to presentation 'Sweating the Assets'.

We turned the abandoned Dumbarton field in the UK into a commercial success. Since January 2007, the field has produced over 25 million barrels of oil through subsea wells connecting to the Floating Production Storage and Offloading vessel (FPSO), Global Producer III.