Shale Gas A Game Changer

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1 Shale Gas A Game Changer CWC World LNG Series: America Summit, Hilde Nafstad, President, Statoil Natural Gas LLC March 17, 2010

2 Forward looking statements This Operating and Financial Review contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as "believe", "intend", "expect", "anticipate", "plan", "target" and similar expressions to identify forward-looking statements. All statements other than statements of historical fact, including, among others, statements such as those regarding: plans for future development and operation of projects; reserve information; expected exploration and development activities and plans; impact of facility maintenance activities; planned turnarounds; expected unit production cost for equity volumes; expected refining margins; expected startup dates for projects and expected production and capacity of projects; expectations of the synergies produced by our recent acquisitions; expected capital expenditures; our expected ability to obtain short term and long term financing; the projected levels of risk exposure with respect to financial counterparties; the expected impact of USDNOK 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 completion of acquisitions; and the obtaining of regulatory and contractual approvals are forward-looking statements. 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; the political and economic policies of Norway and other oilproducing 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 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; the actions of competitors; the actions of field partners; industrial actions by workers; natural disasters and adverse weathe r conditions and other changes to business conditions; and other factors discussed elsewhere in this report. Additional information, including information on factors which may affect Statoil's business, is contained in Statoil's 2008 Annual Report on Form 20-F filed with the US Securities and Exchange Commission, which can be found on Statoil's web site at 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 assume s 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.

3 Statoil: Who we are Energy company present in 40 countries with 30,000 employees Producing 1.95 million barrel of oil equivalent (boe) pr day About 22 billion boe in proven resources (5.6 billion as booked reserves) One of the world s largest net sellers of crude oil The world's largest operator in waters deeper than 100 metres World leader in carbon capture and storage The second largest exporter of gas to Europe

4 North America - A Strategic Growth Area for Statoil Offshore Alaska Alaska Equity gas production in the US Marcellus Canada Alberta Offshore Canada Gulf of Mexico Supplies US market with LNG at Cove Point USA Marcellus Cove Point Reliable supplier with integrated US gas position GoM Equity production Gas production/equity areas Gas demand areas Exploration acreage

5 Shale Gas Changing US Market Dynamics Conventional production declining 80 Growth in unconventionals (Tight Gas, Coal Bed Methane and Shales) reversing decline bcfd imports Shale gas currently growing fastest and expected to continue to do so Unconventional gas now dominant source of US production becoming conventional Conventional Gas Tight Gas Shale Gas CBM Demand SOURCE: WoodMac Nov09 update CBM: Coal Bed Methane

6 Why has Shale Play Developments Been So U.S. gas resources Successful? Tcf 2,011 Multiplewell pads 1, Shale gas Horizontal drilling 1, CBM Tight sands Approx. distance from surface ~1.5 miles Conventional/ Deepwater Improvements in horizontal drilling and hydraulic fracturing techniques improve production efficiency Cost reduction through economies of scale Huge resource potential 2003 NPC Source: Statoil; Potential Gas Committee

7 Marcellus Shale A Gas Giant in the Northeast Marcellus Shale basin: Reserves: ~262+ TCF* Marcellus Cove Point New York City Located close to historically premium gas markets Statoil acquired 32.5% of Chesapeake Energy s Marcellus shale interest in Nov Statoil equity production buildup to >1 bcf/d in 2020 Integrates well with Statoil s existing gas market positions Statoil secured pipeline capacity to NYC/NJ market areas Recoverable reserve estimate: DOE

8 Takeaways Shale gas will provide the US with long term secure supplies from abundant reserves Natural gas is key to a low-carbon future in the US Statoil will continue to be a reliable supplier of gas to the Northeast markets

9 Thank you Shale Gas A Game Changer Hilde Nafstad President, Statoil Natural Gas LLC

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