Special items charged against results 

January 29, 2002, 15:00 CET

(OSE:STL, NYSE: STO) Special items totalling NOK 700 million (USD 78 million) before tax and NOK 500 million (USD 55 million) after tax will be charged by Statoil against its results for the fourth quarter of 2001.

This amount comprises a gain of NOK 1.3 billion (USD 144 million) on the previously-announced sale of licence interests in Vietnam, and a write-down of NOK 2 billion (USD 222 million) on the LL 652 oil field in Venezuela.

The decision to write down Statoil’s 27 per cent interest in the Venezuelan field, which is operated by ChevronTexaco, is based on new geological assessments after disappointing experience with water and gas injection.

For further information:

Mari Thjømøe, tel. +47 51997790/+47 90777824 (mobile)

Kai Nielsen, tel. +47 51991827/+47 97041332 (mobile)