Normprices for Norwegian crude oil 1st quarter 2007

The Petroleum Price Board (PPB) has set normprices for Norwegian crude oil lifted in the 1st quarter of 2007. The normprices are used as tax reference prices in the taxation of the crude oil producers on the Norwegian continental shelf and are set in arrears for every quarter. PPB has decided not to set normprices for Forties and Varg for the 1st quarter of 2007.

The Petroleum Price Board has set the following norm prices in NOK per barrel with
30 days of credit for the 1st quarter of 2007:

	January	February	March
Brent Blend (FOB Sullom Voe)	342.00	355.40	381.78
Draugen (FOB loading buoy)1)	345.83	363.45	394.68
Ekofisk (FOB Teesside)	340.09	358.81	387.62
Glitne (FOB ship)1)5)	304.45	330.35	352.94
Grane (FOB Sture)	281.50	296.63	332.33
Gullfaks Blend (FOB loading buoy)1)2)	349.33	365.61	392.22
Heidrun (FOB Mongstad/delivered Tetney)	329.27	343.03	370.42
Jotun (FOB ship)1)	342.00	361.28	387.92
Njord (FOB ship)1)4)	341.88	357.54	393.76
Norne (FOB ship)1)	347.74	365.92	393.15
Oseberg (FOB Sture)	346.14	361.59	392.22
Statfjord (FOB loading buoy)1)3)	346.78	363.75	389.77
Troll (FOB Mongstad)	344.87	358.50	388.54
Åsgard (FOB ship)1)	355.06	372.42	402.05

1) Final normprices are to be set when the final freight costs are known.

2) Gullfaks Blend includes Gullfaks A+B, Gullfaks C and Tordis. Adjustments for freight costs will be made for each field.

3) Statfjord includes Snorre. Adjustment for freight cost will be made for each field.

4) Normprices for Njord in January and February are related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.

5) Normprices for Glitne in January and March are related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.

By using an average exchange rate8 for the months of the quarter:

 

	January	February	March
NOK/USD1)	6,3688	6,1863	6,1429

1) Normprices for Njord in January and February and Glitne in January and March are related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.

The equivalent prices in USD are:

	January	February	March
Brent Blend (FOB Sullom Voe)	53.70	57.45	62.15
Draugen (FOB loading buoy)1)	54.30	58.75	64.25
Ekofisk (FOB Teesside)	53.40	58.00	63.10
Glitne (FOB ship)1)5)	47.35	53.40	57.25
Grane (FOB Sture)	44.20	47.95	54.10
Gullfaks Blend (FOB loading buoy)1)2)	54.85	59.10	63.85
Heidrun (FOB Mongstad/delivered Tetney)	51.70	55.45	60.30
Jotun (FOB ship)1)	53.70	58.40	63.15
Njord (FOB ship)1)4)	53.30	57.20	64.10
Norne (FOB ship)1)	54.60	59.15	64.00
Oseberg (FOB Sture)	54.35	58.45	63.85
Statfjord (FOB loading buoy)1)3)	54.45	58.80	63.45
Troll (FOB Mongstad)	54.15	57.95	63.25
Åsgard (FOB ship)1)	55.75	60.20	65.45

1) Final normprices are to be set when the final freight costs are known.

2) Gullfaks Blend includes Gullfaks A+B, Gullfaks C and Tordis. Adjustments for freight costs will be made for each field.

3) Statfjord includes Snorre. Adjustment for freight cost will be made for each field.

4) Normprices for Njord in January and February are related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.

5) Normprices for Glitne in January and March are related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.