Statoil's dialogue with Finanstilsynet has raised several questions of principle importance. Statoil has emphasised that from a company perspective it is desirable to have the greatest possible degree of harmonisation between the accounting standard in question, industry practice, and the regulations applicable in the markets where the operations take place.  

Finanstilsynet has also recommended that Statoil present its business area Development & Production North America as a separate segment in its future financial reporting. Statoil has concluded to continue its current practice where the company's international upstream activity is aggregated into one segment.

Further information from:

Press: Jannik Lindbæk jr, tel: +47 97755622

Investor relations: Lars Valdresbråten, tel: +47 40281789

Gudmund Hartveit, tel: +47 97159536

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

HUG#1767801

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