Statoil Buys Back Shares

Statoil ASA (OSE:STL, NYSE:STO) has on August 31, 2006 purchased 585,000 own shares at a price of NOK 170.5342 per share.

The transaction is the first buyback carried out in accordance with a resolution by Statoil's annual general meeting on May 10, 2006 giving authorization to acquire Statoil shares in the market for subsequent annulment. This buyback authorization opens for repurchase of up to 50,000,000 shares in the market, at prices between NOK 50 to NOK 500 per share.

Statoil ASA and the Norwegian State represented by the Ministry of Petroleum and Energy have entered into an agreement which regulates the redemption and annulment of a proportional share of the State's shares, ensuring that the State's owner interest in Statoil ASA remains unchanged. On redemption of the shares, Statoil ASA will pay a price to the State for each share corresponding to a volume-weighted average of the prices paid by Statoil ASA for shares purchased in the market, plus interest compensation of NIBOR + 1%-point calculated from the date of the individual repurchases.

After this buyback transaction, Statoil holds 1,654,868 own shares, of which 585,000 are acquired in the market for subsequent annulment and 1,069,868 are acquired in the market in order to implement the share saving plan for employees.

According to the agreement with the Ministry of Petroleum and Energy, the above-mentioned shares acquired for subsequent annulment imply a liability to redeem 1,425,043 shares from the Norwegian State.

Any further buyback transactions under this authorization will be disclosed to the Oslo Stock Exchange and U.S. Securities and Exchange Commission, and on


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