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Selling Danish upstream assets 

May 6, 2002, 10:00 CEST

Statoil has sold its assets in the Danish North Sea to the Danish state oil company, Dong.

Subject to approval by the Danish competition commission, the sale will be effective from 1 July 2002.

The sales price is DKK 1 billion (USD 120 million). This will give an income effect to Statoil in 2002 of NOK 700 million (USD 80 million) after tax. Statoil expects to book the transaction in the third quarter this year.

The sale includes a 40 per cent interest in the Siri and Stine fields, and an 18.8 per cent interest in the Lulita field. Statoil's share of the average production for 2002 is 7,000 barrels per day from the fields being sold. The sale will not affect Statoil's production target of 80,000 barrels of oil equivalent (boe) per day in 2002 from the group's international oil and gas operations, or the production target for 2004 of 120,000 boe per day.

For further information:

Public affairs – Kai Nielsen, tel. +47 51 99 18 27/+47 970 41 332 (mobile)

Investor relations – Mari Thjømøe, tel. +47 51 99 77 90/+47 907 77 824 (mobile)

Investor relations USA – Thore Kristiansen, tel. +1 203 9786950/+47 916 64 659 (mobile)