1 March 2003

ASIA GAS BUYER’S SUMMITMarch 25, 2003

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Contents

I. Gaz de France as a key LNG player

II. The growing role of LNG in the European market

III. World-wide LNG trade evolution

IV. Conclusion

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I. Gaz de France as a key LNG player

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Gaz de France’s long term LNG supply

Gaz de France holds a long term LNG supply portfolio based on four different projects and 16 bcm/year

Origin End of supply Nominal quantity Deliverybcm/y

Algeria 2013 10,3 FOB

Nigeria 2022 0,5 ex-ship

Egypt 2025 4,8 FOB

Norway 0,7 equity gas

Long term LNG Gaz de France supply

Gaz de France is the largest LNG importer in Europe

Gaz de France and Enel implemented a long term swap deal based on a quantity of 3.5 bcm/year linked with Enel’s LNG supply from Nigeria

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LNG spot operations from 1999 to 2002

Gaz de France purchased spot LNG cargoes from : Algeria Qatar Oman Nigeria

Gaz de France sold spot LNG cargoes to : the US (jointly with Sonatrach)

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Gaz de France’s LNG assets

Liquefaction Snoehvit LNG project in Norway

Gaz de France holds 12 % of the project

Idku LNG project in EgyptGaz de France holds 5 % of the project

Shipping Gaz de France presently manages a fleet of 7 vessels

LNG receiving facilities France

- Montoir de Bretagne- Fos Tonkin

India- Dahej : Gaz de France holds 10 % of Petronet LNG, along with the Indian

companies IOC, GAIL, BPCL and ONGC

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II. The growing role of LNG in the European gas market

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Mte

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The fifteen countries of the European Union

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2000 2005 2010 2015 2020

Mte

p

Residential sector Commercial sectorIndustrial sector Power sector

Other

Source : WEFA Source : WEFA

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2000 2005 2010 2015 2020

Commercial sectorPower sector

Other

Portugal, Spain, France, Italy, Greece

Residential sectorIndustrial sector

Forecast Growth in Demand for Natural Gas

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Existing and Potential LNGExporting Countries to Europe

Norway3 830

Venezuela4 160

Trinidad & Tobago560

Algeria4 520

CIS55 880

Nigeria4 500

Libya1 310

Angola370

Source : CEDIGAZ

Middle East71 140

Egypt1 560

(quantity : bcm)

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A Growing Role of LNG in Western Europe Gas Supply

In order to face this growing natural gas demand, supply from more and more distant reserves is required

In this context, LNG is an attractive option :

from Europe point of view

from the producers’ point of view

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A Lot of Already Committed and Potential LNG Supply to Europe

New development of LNG to Europe since 1999

New Committed Supply Spain : LNG from T & T, Nigeria, Qatar, Egypt Italy : LNG from Nigeria, Qatar France : LNG from Norway, Egypt

Potential Supply Spain : from Oman Italy : from Qatar, Egypt UK : from Qatar, Algeria Other projects from Angola, Iran, Russia, Venezuela, …

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Growth of Committed LNG Supply

LNG supply to Europe in 2001 : 33.5 bcm (22 % of its imports) Committed supply in 2010 : 60 bcm today

New LNG committed supply for Europe since 19982010 horizon

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1998 1999 2000 2001 2002

Bcm

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Egypt

Qatar

Norway

T & T

Nigeria

Algeria

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III. World-wide LNG trade evolution

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Distribution of LNG supply from different exporting zones

Africa (Algeria, Nigeria) Latin America (T & T) Middle East (Qatar, Oman and Abu

Dhabi)LNG supply by exporting zones

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Latin America Africa Middle East

Bcm

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Asia

Europe

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Toward an LNG trade globalisation

USA

EUROPE

ASIA

BARENTS SEANorway, Russia ?

LATIN AMERICATrinidad and Tobago,

Venezuela ?

NORTH AFRICAAlgeria, Egypt and Libya

WEST AFRICANigeria, Angola ?

Equatorial Guinea ?

MIDDLE EASTQatar, Oman,

Abu Dhabi, Iran ?

ASIA - OCEANIAIndonesia, Australia, Brunei

and MalaysiaUSA - ALASKA

LNG Consuming Basins LNG Exporting Basins

LNG Long Term ContractsLNG Spot deliveries

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IV. Conclusion

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European market requires supply from more and more distant exporting countries and LNG will be part of that

LNG can supply markets which were formerly disconnected :

growing competition between Europe and the other markets (US, Asia)

growing competition between LNG exporting countries

Even if LNG trade globalisation generates arbitrage opportunities, this industry relies and will rely on long term contracts