Capital reduction 

September 17, 2007, 11:30 CEST

Statoil ASA has completed a capital reduction through redemption and annulment of in total 20.158.848 shares with a par value of 2,50 NOK per share.

14.291.848 shares have been redeemed and annulled from the Norwegian state, represented by the Ministry of Petroleum and Energy. In addition 5.867.000 own shares have been annulled. This is in accordance with the resolution made by the Extraordinary General Meeting on 5 July 2007 and relates to the share repurchase authorization granted by the Annual General Meeting on 10 May 2006.

Following the capital reduction the total number of shares issued is 2.145.984.867 each with a par value of 2.50 NOK per share.

Lars Troen Sørensen, senior vice president investor relations, Statoil, telephone
+47 90 64 91 44