The Norwegian Government opposes the Statement of Objections issued by the European Commission against the Norwegian gas marketing and sales system.

The Ministry of Petroleum and Energy has been informed that the European Commission has issued a Statement of Objections (SO) in which it alleges that the Norwegian gas marketing and sales system is infringing upon the EU/EEA competiton rules. The SO is issued against Statoil and Norsk Hydro and will, according to the Commission also be issued against all the other licensees on the Norwegian Continental Shelf.

The Norwegian Government underlines that management of petroleum resources remains with the national state for all parties of the European Economic Area. The exclusive right to and responsibility for resource management implies the right for the national state to, inter alia, establish national objectives for the exploitation of natural resources and the right to take the necessary measures, and establish appropriate instruments for the management of these resources. The overall objective of Norway's management of the offshore gas resources has always been to ensure that these resources are developed in the most efficient manner.

In order to achieve these objectives the Norwegian Government established GFU(the Gas Negotiation Committee) in 1986, and later the FU (Gas Supply Committee) in accordance with applicable principles of the Norwegian legal system. The GFU and FU have been essential elements in the implementation of the Norwegian resource management policy. They have in an efficient manner carried out responsibilities and duties on behalf of the Government and under its instructions and control.

The Government opposes the Statement of Objections issued by the European Commission. The Government maintains that the gas resource management system is within its own jurisdiction, and will actively follow up the matter.

Legend due to US Security Law
This is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States unless they are registered or exempt from registration. Any public offering of securities in the United States will be made by means of a Prospectus that may be obtained from Statoil or the Norwegian State and that will contain detailed information about the company and management, as well as financial statements. Statoil and the Norwegian State intend to register securities for sale in the United States.

This announcement has been issued by, and is the sole responsibility of, Statoil ASA and has been approved for the purposes of section 57 of the Financial Services Act 1986 of the United Kingdom by Morgan Stanley & Co. International Limited and UBS Warburg Ltd., each of which are regulated in the United Kingdom by The Securities and Futures Authority Limited. Morgan Stanley & Co. International Limited and UBS Warburg Ltd. are acting for Statoil ASA and the Norwegian Ministry of Petroleum and Energy and are not acting for any other person in connection with the proposed offering of securities, and will not be responsible for providing to any other person the protections afforded to customers of Morgan Stanley & Co. International or of UBS Warburg Ltd. or for providing advice in relation to the proposed offer. Stabilisation/FSA.