Equinor — M&A Activity 2010

May 21, 2010

Sinochem to Become 40% Partner of Statoil in Peregrino Oil Field in Brazil

Statoil ASA (OSE: STL, NYSE: STO) has agreed to sell 40% of the Peregrino field

offshore Brazil to Sinochem Group. Statoil maintains 60% ownership and the

operatorship of the field which is set to start production in early 2011.

Sinochem Group will pay a total of USD 3,070 million in cash for the 40% share

of the Peregrino field, located in the Campos basin offshore Brazil.

"The transaction confirms the high quality of the Peregrino asset, reflecting

Statoil's value added through the field development. The transaction

demonstrates Statoil's ability to leverage its industrial competence developed

at the Norwegian Continental Shelf, and realise value for our shareholders. The

divestment is a natural step in our continuous effort to optimise our

portfolio", says Helge Lund, CEO of Statoil.

"We are pleased with the transaction and look forward to partner with Sinochem

Group in the further development and operations of the large Peregrino field.

Both companies see many opportunities for value creation through increased

recovery and exploration for additional resources in the decades to come. I am

pleased that we also have agreed to sign a MoU to jointly investigate further

opportunities in Brazil and elsewhere", says Lund.

The transaction is subject to government approvals in Brazil and China. The

consideration is based on an effective date of January 1st 2010 and subject to

customary adjustments.

The divestment of a 40% share of Peregrino will reduce Statoil's equity

production guiding for 2012 by 40,000 boepd to a range of 2,060 000 - 2,160 000

boepd.

Brazil will continue to form a key part of Statoil's international strategy. The

company remains committed to complete the Peregrino development as planned,

operate the field efficiently, and to explore further growth opportunities in

the region.

The Peregrino field is located 85 km offshore Brazil in the Campos basin at

about 100 meters of water depth in BMC-7 and BMC-47. The first phase of the

development includes two drilling- and wellhead platforms and a ship-shaped

floating production, storage and offload unit (FPSO). The field was discovered

in 1994. Statoil (then Norsk Hydro) acquired 50% in the discovery in 2005, and

the remaining 50% and its operatorship in 2008.

Sinochem Group, incorporated in China in 1950, is 100% state owned and is

China's 4th largest oil company and the largest integrated agrichemical product

and service provider. It has been consistently named as a Fortune Global 500

company and was most recently ranked as the 170th largest company. In 2009

Sinochem Group's sales revenue was approximately US$36 billion, and profit

US$0.9billion. Sinochem Group has operated in the international oil business for

several decades and started making its first overseas oil and gas investments in

2003. Since then it has successfully completed approximately $1.8 bn of overseas

acquisitions in the energy sector, focusing primarily in Latin America, Africa

and the Middle East.

Statoil is an international energy company headquartered in Norway. It has more

than 35 years of experience from oil and gas production on the Norwegian

continental shelf and has currently operations in 40 countries. Statoil is among

the world's largest offshore oil and gas operators and is seen as a leader in

technology and resource management. Statoil has 29,000 employees worldwide, and

is listed on the New York and Oslo stock exchanges with a market capitalisation

of approximately USD 70 billion. Equity production in 2009 was 1,962 000 boepd

and booked reserves of oil and gas is reported at 5.4 billion barrels. For

further information, please visit www.statoil.com.

For further information

Investor relations:

Lars Troen Sørensen, investor relations,

+ 47 906 49 144 (mobile) E-mail: dlts@statoil.com

Media:

Jannik Lindbæk jr, vice president for media relations

+47 977 55 622 (mobile) E-mail: jljr@statoil.com

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1417985]