PTTEP Joins Statoil as Partner in Canadian Oil Sands

    


    
</pre>
<p><span class="xn-location">CALGARY</span>, Alberta, <span class="xn-chron">Nov. 22, 2010</span> /CNW/ -- Statoil (OSE: STL, NYSE: STO) has agreed to sell a 40% interest in its oil sands project in Alberta, <span class="xn-location">Canada</span> (<span class="xn-person">Kai Kos</span> Dehseh) to PTT Exploration and Production (PTTEP) of <span class="xn-location">Thailand</span>.</p>
<p/>
<p>Pursuant to the transaction, PTTEP has agreed to pay a total of <span class="xn-money">USD 2,280 million</span> for the 40% interest.  Statoil will retain 60% ownership and shall act as the Managing Partner and operator of the project. Production volumes from the partnership will continue to be handled and marketed by Statoil <span class="xn-location">Canada</span> Ltd.</p>
<p/>
<p>The effective date of the transaction is <span class="xn-chron">1 January, 2011</span>.  The transaction is subject to customary regulatory approvals in <span class="xn-location">Canada</span> and is expected to close in the first quarter 2011.</p>
<p/>
<p>"This transaction underlines the quality of our Canadian resources and demonstrates our ability to create value as an oil sands operator," says Statoil's Chief Executive Officer, Helge Lund.</p>
<p/>
<p>"We look forward to forming a strong partnership with PTTEP in the further development of our Canadian oil sands assets. The agreement to farm down from a 100% position to 60% follows other recent transactions designed to optimize the risk and strategic profile of our global portfolio," Lund continues.</p>
<p/>
<p>As part of the development of <span class="xn-person">Kai Kos</span> Dehseh, earlier this year, Statoil presented a technology plan aimed at increasing value through enhanced production and reducing carbon emissions and energy use.  Future development of the oil sands leases will proceed in a stepwise manner. Canadian oil sands represent one of the world's largest oil resources and will play an increasingly important role in the global energy mix.</p>
<p/>
<p>"PTTEP fully shares our ambitions in relation to efficient and responsible operation and development of our Canadian oil sands assets. Our new partnership is committed to utilizing the best available technology in order to both minimize environmental impact and enhance value as we further develop <span class="xn-person">Kai Kos</span> Dehseh," says Lund.</p>
<p/>
<p>Statoil originally entered <span class="xn-person">Kai Kos</span> Dehseh through the acquisition of North American Oil Sands Corporation in 2007.  Since then, Statoil has invested to construct project facilities and related infrastructure at the Leismer project.  The Leismer project is the first phase of the SAGD (Steam Assisted Gravity Drainage) full field development of <span class="xn-person">Kai Kos</span> Dehseh. The project initiated steam injection on <span class="xn-chron">3 September 2010</span>, one month ahead of schedule, and is positioned to move into production phase during the first quarter of 2011.</p>
<p/>
<p>Established in 1985, PTTEP is Thailand's sole petroleum exploration and production company. PTTEP is one of the top ten publicly listed companies on the Stock Exchange of <span class="xn-location">Thailand</span> with a market capitalization of approximately <span class="xn-money">USD 20 billion</span> and invests in more than 40 E&P projects across 12 countries with a workforce of around 3,000 employees. PTTEP is owned 65% by PTT Public Company Limited (PTT), a fully integrated energy conglomerate in <span class="xn-location">Thailand</span> in which the Government of <span class="xn-location">Thailand</span> holds directly 51% of the shares.</p>
<p/>
<p>Statoil is an international energy company, headquartered in <span class="xn-location">Norway</span>, with operations in 34 countries. Building on more than 35 years of experience from oil and gas production on the Norwegian continental shelf, Statoil is committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil has 20,000 employees worldwide, and is listed on the New York and <span class="xn-location">Oslo</span> stock exchanges. For further information, please visit <a href="http://www.statoil.com">www.statoil.com</a>.</p>
<pre>
    

    (Logo:  http://photos.prnewswire.com/prnh/20101006/STATOILLOGO)

    
</pre>
<p> </p>
<p> </p>
<pre>
    
    Contacts
    Media:
    Peter Symons, communications director, Statoil Canada
    403 767 4182 (office), or 403 471 6912 (mobile)
    Ola Morten Aanestad, vice president, media relations, North America,
    713 485 2174 (office) or 713 498 0585 (mobile)
    Investor relations:
    Morten Sven Johannessen, vice president, investor relations North
     America, [phone] (mobile)




    

For further information: media, Peter Symons, communications director, Statoil Canada, [phone], or cell, [phone], or Ola Morten Aanestad, vice president, media relations, North America, [phone], or cell, [phone], or investors, Morten Sven Johannessen, vice president, investor relations North America, cell, [phone], all of Statoil Web Site: http://www.statoil.com