Press Release

4 December 1998

Norwegian oil production regulations to continue

The Ministry of Petroleum and Energy aims at continuing the oil production regulation on the Norwegian Continental Shelf. The oil production has been reduced by approximately 3 %, around 100 000 barrels a day since 1 May 1998, and will be continued until the end of June 1999.

- It is important to continue the Norwegian oil production regulations under the current market situation, says Ms. Marit Arnstad, Minister of Petroleum and Energy. - To discontinue the regulations now could complicate or hinder that further measurements will be taken by other producers. A continuation of our production regulations will be an important signal to others.

In the National Budget for 1999 the oil production for 1999 was estimated to 3.4 million barrels a day. New production estimates will be made as of 1.1.1999, after the Ministry and the Norwegian Petroleum Directorate have had a review and talks with the different licensees. The new estimate will form the basis for the production regulation.

The implementation of the production regulations will in principle be executed equally for all fields and companies.

A Royal Decree will be submitted 11 December this year.

Contact: Sissel Edvardsen, tel (47) 22 24 61 09