Statoil Sells Danish Upstream Assets

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

The sale includes a 40 percent interest in the Siri and Stine fields, and an 18.8 percent 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.