Normprices for Norwegian crude oil 4th quarter 2006

The Petroleum Price Board (PPB) has set normprices for Norwegian crude oil lifted in the 4th quarter of 2006. 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 4th quarter of 2006.

The Petroleum Price Board has set the following normprices in NOK per barrel with
30 days of credit for the 4th quarter of 2006:

	October	November	Desember
Brent Blend (FOB Sullom Voe)2)	384.83	(377.04)	384.65
Draugen (FOB loading buoy)1)	388.16	379.92	391.44
Ekofisk (FOB Teesside)	382.84	375.44	388.04
Glitne (FOB ship)1)5)	354.87	344.50	355.94
Grane (FOB Sture)	330.57	329.03	342.35
Gullfaks Blend (FOB loading buoy)1)3)	391.16	382.16	392.98
Heidrun (FOB Mongstad/delivered Tetney)	372.18	364.55	373.84
Jotun (FOB ship)1)	386.83	373.84	386.81
Njord (FOB ship)1)6)	394.99	386.64	399.07
Norne (FOB ship)1)	393.15	386.00	393.91
Oseberg (FOB Sture)	388.49	379.28	390.82
Statfjord (FOB loading buoy)1)4)	389.16	381.52	391.13
Troll (FOB Mongstad)	391.16	381.52	390.82
Åsgard crude (FOB skip)1)7)	399.17
Åsgard Blend (FOB ship)1)	398.15	387.92	399.16

1) Final normprices will be published in a separate press release.

2) No normprice for Brent in November.

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

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

5) The normprice for Glitne in November is related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.

6) Normprices for Njord in October and December are related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.

7) The normprice for Åsgard crude in October is related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.

By using an average exchange rate 8 for the months of the quarter:

	October	November	December
NOK/USD	6,6580	6,4013	6,1741

8) Normprices for Njord in October and December, Glitne in November and Åsgard crude in October 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:

	Oktober	November	Desember
Brent Blend (FOB Sullom Voe)2)	57.80	(58.90)	62.30
Draugen (FOB loading buoy)1)	58.30	59.35	63.40
Ekofisk (FOB Teesside)	57.50	58.65	62.85
Glitne (FOB ship)1)5)	53.30	53.75	57.65
Grane (FOB Sture)	49.65	51.40	55.45
Gullfaks Blend (FOB loading buoy)1)3)	58.75	59.70	63.65
Heidrun (FOB Mongstad/delivered Tetney)	55.90	56.95	60.55
Jotun (FOB ship)1)	58.10	58.40	62.65
Njord (FOB ship)1)6)	59.30	60.40	64.30
Norne (FOB ship)1)	59.05	60.30	63.80
Oseberg (FOB Sture)	58.35	59.25	63.30
Statfjord (FOB loading buoy)1)4)	58.45	59.60	63.35
Troll (FOB Mongstad)	58.75	59.60	63.30
Åsgard crude (FOB skip)1)7)	60.95
Åsgard (FOB ship)1)	59.80	60.60	64.65

1)

Final normprices will be published in a separate press release.

2) No normprice for Brent in November.

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

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

5) The normprice for Glitne in November is related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.

6) Normprices for Njord in October and December are related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading.

7) The normprice for Åsgard crude in October is related to Brent around bill of lading. The corresponding exchange rate is also related to bill of lading