New price assumptions for Statoil 

August 23, 2004, 11:50 CEST

Statoil (OSE: STL, NYSE: STO) has decided to change its long-term oil price assumptions from USD 18 to 22 (2004USD) per barrel. Underlying factors give reason to expect a certain increase in long-term crude prices, and this is supported by a strengthened forward market.

Statoil is also going to test the profitability of investments at a crude price of USD 15 (2004USD) per barrel.

And it will change the NOK/USD exchange rate assumption from 7.50 to 6.75.

The group's goals for 2004 and 2007 remain unchanged, and are linked to the same oil price and exchange rate assumptions as previously.

Contact persons:

Mari Thjømøe, vice president for investor relations, + 47 90 77 78 24 (mobile).

Thore E Kristiansen, vice president for investor relations USA, +47 91 66 46 59 (mobile).

Kristofer Hetland, public affairs manager, +47 90 50 19 37 (mobile), +47 51 99 47 00 (office)