Norm prices for Norwegian crude oil 1st quarter 2009

The Petroleum Price Board (PPB) has set Norm Prices for Norwegian crude oil lifted in the 1st quarter of 2009. The Porm Prices 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 Norm Prices for Forties, Varg and Volve for the 1st quarter of 2009.

The Petroleum Price Board has set the following Norm Prices in NOK per barrel with 30 days of credit for the 1st quarter of 2009:

	January	February	March
Brent Blend (FOB Sullom Voe)4)	(303.54)	(295.81)	315.67
Alvheim (FOB loading buoy)1)	317.12	317.11	330.59
Draugen (FOB loading buoy)1)	304.94	303.02	320.08
Ekofisk (FOB Teesside)	305.98	312.98	322.11
Grane (FOB Sture)	272.21	270.04	295.66
Gullfaks (FOB loading buoy)1)2)	314.68	316.76	327.20
Heidrun (FOB Mongstad/delivered Tetney)	292.75	285.50	303.80
Jotun (FOB ship)1)	304.59	306.46	317.36
Norne (FOB ship)1)	304.94	308.17	332.28
Oseberg (FOB Sture)	308.76	310.58	321.09
Statfjord (FOB loading buoy)1)3)	307.37	312.64	323.47
Troll (FOB Mongstad)	317.82	315.39	327.88
Åsgard (FOB ship)1)	297.97	296.84	319.06

 By using a monthly average exchange rate:

	January	February	March
NOK/USD	6.9620	6.8712	6.7813

 The equivalent prices in USD are:

	Januar	Februar	Mars
Brent Blend (FOB Sullom Voe)4)	(43.60)	(43.05)	46.55
Alvheim (FOB loading buoy)1)	45.55	46.15	48.75
Draugen (FOB loading buoy)1)	43.80	44.10	47.20
Ekofisk (FOB Teesside)	43.95	45.55	47.50
Grane (FOB Sture)	39.10	39.30	43.60
Gullfaks (FOB loading buoy)1)2)	45.20	46.10	48.25
Heidrun (FOB Mongstad/delivered Tetney)	42.05	41.55	44.80
Jotun (FOB ship)1)	43.75	44.60	46.80
Norne (FOB ship)1)	43.80	44.85	49.00
Oseberg (FOB Sture)	44.35	45.20	47.35
Statfjord (FOB loading buoy)1)3)	44.15	45.50	47.70
Troll (FOB Mongstad)	45.65	45.90	48.35
Åsgard (FOB ship)1)	42.80	43.20	47.05

The following Norm Prices have been set for Njord and Glitne in NOK per barrel, related to Brent around bill of lading:

	Date of shipment
Glitne (FOB ship)1)	04.01.2009		285.47
	29.01.2009		277.66
	21.02.2009		269.56
	17.03.2009		283.35
Njord (FOB skip)1)	14.01.2009		308.55
	16.02.2009		310.51
	22.03.2009		328.32

 The equivalent prices in USD are

	Date of shipment
Glitne (FOB ship)1)	04.01.2009		40.95
	29.01.2009		40.70
	21.02.2009		39.10
	17.03.2009		42.40
Njord (FOB ship)1)	14.01.2009		43.50
	16.02.2009		44.95
	22.03.2009		51.40

Norm prices form the basis for the taxation of the crude oil producers' earnings on the Norwegian Shelf. When deciding the norm prices, the Petroleum Price Council shall according to the Petroleum Tax Act, take into account relevant factors such as price and sales data from the companies and perform an assessment of the oil market.

1) The Norm Prices for the shipments from loading buoys have not been adjusted for freight costs in the permit licenses.

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) The Norm Price for Brent in January and February is put in brackets because Norm Price is not set for these two months.