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Record gas sales

November 3, 2008, 14:00 CET

StatoilHydro sold record volumes of natural gas during the gas year 2007. (Photo: Chris Maluszynski)

During the gas year 2007, which ended 30 September 2008, StatoilHydro sold approximately 80 billion cubic metres compared to gas year 2006 when about 76 billion cubic metres were sold, representing a  5 per cent increase in sales.

These figures include the group's own sold entitlement gas (piped and LNG), third party gas and gas sold on behalf of the Norwegian state’s direct financial interest (SDFI).

The StatoilHydro entitlement gas sale isolated was close to 39 billion cubic metres in gas year 2007 compared to approximately 35 billion cubic metres in gas year 2006, an increase of 11 per cent. The volumes marketed by StatoilHydro are set to further grow in the next years.

Rune Bjørnson

Rune Bjørnson, executive vice president for Natural Gas. (Photo: Dag Myrestrand)

"Natural gas is a very attractive and sought-after commodity. I am pleased to note record sales and at the same time ensuring high value on the gas we have sold," said Rune Bjørnson, executive vice president for Natural Gas.

During the first nine months of 2008 StatoilHydro today reported gas prices of NOK 2.19 per cubic metre, compared to NOK 1.58 per cubic metre during the same period last year.

During gas year 2007 StatoilHydro for the first time sold its own LNG cargoes - from Snøhvit - to Europe, Asia and North America.

"This goes to show that gas is becoming a more global commodity, and we are taking part in that development," Bjørnson commented.

StatoilHydro is the second largest gas supplier to Europe. The gas volumes are delivered through a flexible, integrated and cost efficient infrastructure developed over 30 years connecting the Norwegian Continental Shelf with UK and Continental Europe.

"We take pride in being a major supplier of energy and a reliable gas supplier. In the long term we see that the demand for natural gas continue to increase, hence our focus will be on delivering, developing projects and capture value as markets develop," said Bjørnson.