1 -

The Gullfaks field: Safe

operations and future potential

2 March 2011, Holmenkollen Park

2 -

Agenda

Opeqa

tions

• History

• HSE

• Well integrity

• The future

• Important projects

• Improvement in operational

performance

• Summary and Q&A

3 -

The Gullfaks field

Opeqa

tions

4 -

Serious incident frequency (SIF)

Opeqa

tions

0

1

2

3

4

2005 2006 2007 2008 2009 2010

0

1

2

3

4

5

6

7

2005 2006 2007 2008 2009 2010

Number of serious incidents in Statoil per million hours worked.

Development and Production Norway Gullfaks

5 -

The Top Shetland situation – incr. pressure

Opeqa

tions

• The Shetland group was

mapped in detail during

2010

• The pressure is presumed

to spread in fractures and

faults from the reservoir and

in the chalk at the top of the

Shetland group

6 -

Well integrity status

Opeqa

tions

• Shut in wells

− 20 shut in wells due to suspicion of integrity problems

− 29 producers to maintain pressure balance in reservoir

− 1 additional water injector is shut in due to top side limitations

• The Hordaland group functions as a barrier in a well integrity context

• No leakage has been detected from the reservoir, either to the seabed or to the shallow

layers as a result of Statoil’s operations at Gullfaks

• New adjusted water injection strategy implemented

• No safety issues at Gullfaks

• Maintaining a good dialog between management and employees

7 -

Hordaland as a barrier

Opeqa

tions

• The Hordaland group on Gullfaks contains large volumes of sand

• The Hordaland group's sand complex covers the entire Gullfaks licence

• Volumes used in calculations very conservative – still expect a pressure increase of only 2

bar

• The Hordaland group can withstand 25-45 bar of pressure build-up before they fracture

further

• The Hordaland group functions as a barrier in a well integrity context, because it will

prevent migration of pressurised fluids to the seabed

8 -

v v v v v v v v v v v v

v v v v v v v v

v v

v v

v

v v

Utsira Eqv..

Nordland Gp.

Nordland Gp.

Nordland Gp.

Hordaland

Gp.

Rogaland

Gp.

Balder

Fm. 1km

V

Ø Shallow Gas 26”

32”

20”

13

3/8”

7”

Shetland

Gp.

Reservoir

9

5/8”

Ba

rrier

Postponed production

Well barrier schematic Barrier against Shetland – As built

IWV

IUMV

ILMV

KV

ISV

PT

PT

PI

TOC 13 3 / 8 ”

DHSV @ 557 m MD

13 3 / 8 ”

7 ”

TOC 9 5 / 8 ”

9 5 / 8 ”

20 ” @ 1806 m MD

Perforations

PT

5 ”

Top Shetland 3378 mMD / 1730

mTVD

2

1

9 -

Future potensial

Opeqa

tions

Discoveries and prospects Total Gullfaks production, IOR volumes are unrisked

Total Gullfaks

020

406080

100

120140160180

200220240260

280300

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20

34

kB

oe

/da

y (

10

0%

)

Basis Sanctioned projects Not sanctioned projects Improved Oil Recovery Prospects

Total Gullfaks

020406080

100120140160180200220240260280300

20

10

20

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34

kB

oe

/da

y (

10

0%

)Oil Gas

10 -

Robust and profitable projects

Opeqa

tions

• Drilling Facility Upgrade (GFA, GFB and GFC)

− Upgrade of drilling facilities to prolong lifetime to year 2030

• Pre Compression (GFC)

− Increase pressure from GF South (L and M frame) to increase oil recovery

• Snorre to Gullfaks A

− Replace Statfjord A as oil / gas processor for Snorre A, including storrage and loading of oil

• Gullfaks Omega

− New subsea templates or wellhead platform to increase oil and gas recovery

11 -

Robust and profitable projects (cont.)

Opeqa

tions

• Water Injection Upgrade (GFB)

− Upgrade capacity to maximize oil recovery

• Visund Sør

− New subsea project with tie-in to Gullfaks C

• Late Life Project (GFA, GFB and GFC)

− Life time extension

12 -

Gullfaks Omega

Opeqa

tions

• Further development of the

Gullfaks South Statfjord formation

− Possible inclusion of

production from exploration

well to Brent 10 A/B

• Two new subsea templates

• 4 producers from new templates

• 3 MLT wells

• 2 gas inj. from new template

− Gas injection till 2025

13 -

2007 2008 2009 2010

Production efficiency**

0 20 40 60 80 100

• Competitive performance

towards peers

• Turnaround frequency &

optimised maintenance

• Drilling efficiency

improved

• New rig capacity in

place

2007 2008 2009 2010

Drilling efficiency m/d

• Significantly reduced

maintenance backlog

• New operating model –

standard work

processes

Improvement in operational performance

4Q

09

1Q

10

2Q

10

3Q

10

4Q

10

Maintenance backlog* Total recordable injury frequency

• Results of long-term

and consistent HSE

leadership

• Consistently

improving trend

* Safety critical equipment ** McKinsey - North Sea Benchmark 2010

14 -

Summary

Opeqa

tions

• Safe operations

• Resources are proven

• Decline in line with expectation

• Quality in execution and operations

• Robust and profitable projects

• Sound basis for long term value creation

15 -

Forward looking statements

This presentation contains certain forward-looking statements that involve risks and uncertainties.

In some cases, we use words such as "ambition", "believe", "continue", "could", "estimate", "expect",

"intend", "likely", "may", "objective", "outlook", "plan", "propose", "should", "will" and similar expressions

to identify forward-looking statements.

All statements other than statements of historical fact, including, among others, statements such as

those regarding: expected equity production; regularity, efficiency and productivity goals for future

operations and projects; our financial position, results of operations and cash flows; expected dividend;

our future market position; business strategy; expected changes in ownership interests and structures;

expected project development expenditures; plans for future development (including redevelopment) and

operation of projects; reserve information; reserve recovery factors; future reserve replacement ratio;

entitlement volumes; expected timing of resumption of certain exploration drilling in the US Gulf of Mexico;

future ability to utilise and develop our expertise; future growth (including future production growth); our

future ability to create value; oil and gas production forecasts; future composition and maturity of our

exploration and project portfolios; exploration expenditure; expected exploration and development

activities and plans; planned turnarounds and other maintenance; expected unit production cost; expected

refining margins; expected gap between entitlement and equity volumes; expected impact of contractual

arrangements on equity volumes; expected production and capacity of projects; projected impact of laws

and regulations (including taxation laws); the impact of the uncertain world economy; expected capital

expenditures; our expected ability to obtain short term and long term financing; our ability to manage our

risk exposure; the projected levels of risk exposure with respect to financial counterparties; our ability to

obtain financing at attractive funding cost levels; the expected impact of currency and interest rate

fluctuations (including USD/NOK exchange rate fluctuations) on our financial position; oil, gas and

alternative fuel price levels and volatility; oil, gas and alternative fuel supply and demand; the markets for

oil, gas and alternative fuel; projected operating costs; the completion of acquisitions, disposals and other

contractual arrangements; estimated values in use; estimated cash flows; estimated costs (including costs

for plugging and abandonment of wells); estimated future operational leasing commitments; future number

of vessels employed; estimated decline of mature fields; future market conditions; future utilisation of

capacity contracts; our HSE objective; impact of PSA effects; and the obtaining of regulatory and

contractual approvals, are forward-looking statements. You should not place undue reliance on these

forward-looking statements. Our actual results could differ materially from those anticipated in the

forward-looking statements for many reasons, including the risks described above in "Risk update".

These forward-looking statements reflect current views with respect to future events and are, by their

nature, subject to significant risks and uncertainties because they relate to events and depend on

circumstances that will occur in the future. There are a number of factors that could cause actual

results and developments to differ materially from those expressed or implied by these forward-looking

statements, including levels of industry product supply, demand and pricing; currency exchange rates;

interest rates; trading activities; the political and economic policies of Norway and other oil-producing

countries; general economic conditions; political stability and economic growth in relevant areas of the

world; global political events and actions, including war, terrorism and sanctions; changes in laws and

governmental regulations; the lack of necessary transportation infrastructure when a field is in a remote

location; the timing of bringing new fields on stream; material differences from reserves estimates; an

inability to find and develop reserves; adverse changes in tax regimes; the development and use of new

technology; geological or technical difficulties; operational problems; security breaches; the actions of

competitors; our ability to successfully exploit growth opportunities; the actions of field partners; industrial

actions by workers; failing to attract and retain senior management and skilled personnel; failing to meet

our ethical and social standards; operational catastrophes; security breaches; natural disasters and

adverse weather conditions and other changes to business conditions; and other factors discussed

elsewhere in this report. Additional information, including information on factors that may affect Statoil's

business, is contained in Statoil's 2009 Annual Report on Form 20-F filed with the U.S. Securities and

Exchange Commission, which can be found on Statoil's website at www.statoil.com.

Although we believe that the expectations reflected in the forward-looking statements are reasonable,

we cannot assure you that our future results, level of activity, performance or achievements will meet

these expectations. Moreover, neither we nor any other person assumes responsibility for the accuracy

and completeness of the forward-looking statements. Unless we are required by law to update these

statements, we will not necessarily update any of these statements after the date of this review, either

to make them conform to actual results or changes in our expectations.

16 -

The Gullfaks field: Safe operations and future potential

Thank you