AMEC Oil Sands Breakfast Briefing Peter Madden, President Oil Sands. 1 October 2010

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1 AMEC Oil Sands Breakfast Briefing Peter Madden, President Oil Sands 1 October 2010

the forward looking statements. These risks, uncertainties or assumptions could adversely affect the outcome and financial effects of the plans and events described herein.

2 Important information Certain statements in this presentation are forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. These risks, uncertainties or assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward looking statements contained in this presentation regarding past trends or activities should not be taken as representation that such trends or activities will continue in the future. You should not place undue reliance on forward looking statements, which apply only as of the date of this presentation. This presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares of the Company. Past performance cannot be relied upon as a guide to future performance. 2

3 Agenda AMEC capability Market trends and developments Future Technology and Improvements 3

4 AMEC s people QA/QC 3% Mining 1% Others 8% Safety 3% Supply chain management 8% Engineering 43% Construction management 16% 2009 headcount Project management 18% Our Oil Sands business employs some 2,000 people 4

5 AMEC s safety performance is a differentiator TRIR Alberta* Co nstructio n Industry Oil Sands* AM EC Oil Sands Oil & Gas** Producers Co nstructio n Average Oil & Gas** Producers Co nstructio n Pacesetter AMEC is striving for beyond zero performance levels ** OGP 2008 Survey Board 2008, LTI & RWI only 5

6 Health, safety, security and environment (HSSE) is fundamental at AMEC Beyond Zero Our vision of what we need to do to achieve sustainable, world-class HSSE performance throughout our global operations Management systems Protecting our work force 6

7 AMEC strengths in the oil sands Study services From mine planning and design through DBM and EDS (FEED) packages Engineering & procurement services Process, ore prep and utilities are designed using state of the art systems supported by a worldwide procurement network Environmental Services Environmental permitting, geotechnical design, waste water treatment, reclamation and tailings Asset management Plan start-up and commissioning, operator training and in-plant engineering services Project & construction management Construction planning from contract strategy, constructability through work packages, estimating progress and quality management at site all with an emphasis on HSSE Design, delivery & specialist consultancy across extraction and production spectrum 7

8 AMEC has both mineable and in-situ capability Conventional (mineable) Involved in world s first commercial oil sands mine in 1967 Helped build biggest oil sands mine (Mildred Lake) Worked on virtually every major mineable oil sands development since 1991 Non-conventional (in-situ) AMEC BDR 30+ years oil sands processing experience Particularly in-situ technologies and deep reserve extraction steam assisted gravitational drain (SAGD) cyclic steam stimulation (CSS) thermal recovery Leading market positions 8

9 AMEC expertise built up over time Involved in virtually all major projects since

10 Major resources in comparatively small and remote area 10

11 The oil sands market is expected to grow Production forecast to increase to 2.9m bbl/day by 2020 Source: CAPP Crude Oil Forecast, Markets & Pipeline Expansions, June

12 Workshare reduces pressure on local resources Major AMEC Project Involves 3 divisions Imperial Oil: Kearl Project Scope: EPCM services for Phase 1, which is designed to deliver 100,000bpd (production 2012) 3 Phases to project facility could ultimately produce 300,000 bpd Natural Resources Power & Process Earth & Environmental Calgary: overall project management / controls / systems Leveraging our resources Vancouver Ore prep Slurry prep Hydrotransport Mine Maintenance Basal H 2 O System Calgary Extraction Froth Treatment Tailings Civil Works Buildings Houston Product pipelines River water pipelines Associated pipelines Oakville Steam plant Water treatment facilities Power Leveraging AMEC - common tools and processes 12

oil (bitumen) is fluid enough Recovery is only 5-10%

13 Shift to in-situ recovery - improving technology Cold Flow Low capital investment Only works well where the oil (bitumen) is fluid enough Recovery is only 5-10% 80% of the oil sands resource is more than 200 feet deep 13

14 Shift to in-situ recovery - improving technology Cyclic Steam Stimulation (CSS) Recovery rate: 20-25% Steam-assisted Gravity Drainage (SAGD) Recovery rate: up to 60% LP HP 14

Process (VAPEX) Solvent injected into oil sands resulting in significant viscosity reduction Expensive injection

15 Future in-situ recovery improving technology Toe to Heel Air Injection (THAI) Lower capital costs Minimal usage of natural gas and water Potential to be utilized in deep heavy oil resources 80% recovery expected Vapor Extraction Process (VAPEX) Solvent injected into oil sands resulting in significant viscosity reduction Expensive injection fluid (propane) Lower energy costs Potential for in situ upgrading and application to thin reservoirs Limited field-testing 15

16 Improving Technology - tailings management Improving technology Earth & Environmental 16

17 Improving Technology energy usage Improving technology 17

18 AMEC Oil Sands Breakfast Briefing Appendix

19 Biography Peter Madden is President, Oil Sands for AMEC, leading a 2,000 person Engineering and Project Management business based in Calgary, Alberta. Peter has over 34 years experience in Oil and Gas, eighteen years in senior management positions, and held many senior roles in project and corporate organisation structures with legal and fiscal responsibility for the delivery of project and business targets. As a Fellow of the Institution of Structural Engineers, his background skills were developed through structural design and analysis work in the North Sea, Middle East and Borneo working for both Contractors and Operators. 19

20 Mineable oil sands 20 per cent of the oil sands resource is less than 200 feet deep 20

21 Life cycle environmental services AMEC Earth & Environmental provides complete concept-to-closure services from initial assessment of baseline conditions, through design and permitting, operation, reclamation and closure Industry leaders in waste management technologies Geotechnical engineering Tailing management Human environmental services Environmental permitting assistance and management Regulatory support 21

Oil Sands Outlook: How will the Challenges Facing the Industry affect Growth?

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