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Statoil Makes Final Investment Decision On Shah Deniz Stage 2 And Announces A 10 % Divestment

"We have considered our potential positions throughout the project's value chain, balancing economics and risks to identify the optimal participation," says Lund.

Statoil holds a 20% share in TAP AG, the owner of Trans Adriatic Pipeline (TAP),  who develops the pipeline for transport of gas from Turkey to Southern Europe.

The current Statoil equity production (gas and condensate) from Shah Deniz as per third quarter 2013 is 56 000 barrels of oil equivalents per day.

The Shah Deniz stage 2 project includes offshore drilling and completion of 26 subsea wells and construction of two bridge-linked platforms. Onshore there will be new processing and compression facilities at Sangachal.  16 billion cubic metres a year (bcma) of gas produced from the Shah Deniz stage 2 project will be carried some 3,500 kilometres to provide energy for millions of consumers in Georgia, Turkey, Greece, Bulgaria and Italy. First gas is targeted for late 2018, with sales to Georgia and Turkey. First deliveries to Europe will follow approximately a year later.

Statoil entered Azerbaijan in 1992 and is a partner with a 8.56% share in the oil producing Azeri-Chiraq-Guneshli (ACG) field, the Shah Deniz gas field with a 15.5% share, and the corresponding pipelines Baku-Tbilisi-Ceyhan (BTC) and South Caucasus Pipeline (SCP).

Further information from:

Investor relations  Hilde Merete Nafstad, senior vice president, investor relations Tel: +47 957 83 911

Morten Sven Johannessen, vice president, investor relations North America +203 570 2524

Media relations Knut Rostad, press spokesperson Tel: +47 905 48 990

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

HUG#1750355

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