Oil Sands & Gas Shale UPDATE

December 2011

TABLE OF CONTENTS

INDUSTRY ANALYSIS

AMERICAS

U.S.

North Dakota Tribes Seeking Proposals for 15,000-Barrel per Stream Day Refinery

Oil Shale Boom Boosts Growth in Oilfield Services Equipment and U.S. Jobs Market

EPA Proposes Significant Changes to MRR and BAMMs

North Dakota’s Bakken Shale to Get First New U.S. Oil Refinery in 35 Years

EPA will Delay Carbon Limits on Oil Refineries

New Rules to Reroute Keystone XL Pipeline Signed into Law by Nebraska Governor

Japanese Energy Company Executives Visit the Texas Barnett Shale

KKR Will Acquire Samson Investment for $7.2 Bln to Capitalize on Oil and Gas Shale Production

CANADA

SNC-Lavalin Wins $650 Mln Oil Sands EPC Contract

Imperial Oil Sees Syncrude JV Expansion Plan Delayed Until After 2020

Nexen, Japan Investors in $700 Mln Deal to Develop Shale Gas in British Columbia

Flint Energy Wins $20 Mln Contract to Build Oilsands Modules

Kinder Morgan will Boost Storage at Edmonton Terminal to 2.4 Mln Barrels

MEXICO

Mexico Shale Gas Projects Could Attract $10 Bln in Annual Investment

EUROPE

CZECH REPUBLIC

Companies Apply for Shale Gas Licenses in Czech Republic

FRANCE

Total to Challenge France’s Decision to Cancel Permit for Shale Gas Exploration

LITHUANIA

Lithuania to Announce Tender to Explore Shale Gas Reserves

UKRAINE

Eni, Cadogan to Spend $55 Mln Exploring for Shale Gas Deposits in Ukraine