Statoils Unconventional StrategyPortfolio Business opportunities with unconventionals London

Statoil’s Unconventional Strategy/Portfolio Business opportunities with unconventionals London 20 September 2011 Atle Rettedal SVP New Ventures, Statoil 1 - Classification: Internal 2011 -09 -19

Global energy resources Methane hydrates 2 -120 Tbbl EHO Tight Oil shale Oil sand Conv. Oil produced 1, 1 Tbbl Oil resources 8, 8 Tbbl Gas produced 0, 4 Tbbl CBM Coal Resources 30+ Tbbl Shale Gas resources Coal 7, 8 Tbbl Data from World Energy Outlook, US Geological Survey , US Energy Information Administration and World Coal Association 22 - Classification: Internal (Restricted 2011 -09 -19 Distribution) Internal (Restricted Distribution) 2011 -09 -05 2011 -09 -06 Classification: 2011 -09 -05

3 Classification: Internal 2011 -09 -19

Apply technology to expand in unconventionals Track record 2011/2012 delivery Long term materiality Cost curve post tax breakeven Statoil to operate Production USD/mcf Statoil shale Assets mboed Kai Kos Dehseh 10 Marcellus 0 4 500 1, 000 Resource potential, Tcf Classification: Internal 2011 -09 -19 Eagle Ford 2010 2020

Statoil’s US Shale Portfolio • Marcellus (dry gas): − Acquired 32. 5% of Chesapeake’s interest in the Marcellus shale • Eagle Ford (rich gas): − Acquired 50% of Enduring’s acreage with Talisman as partner − Shared operatorship 5 Classification: Internal 2011 -09 -19

Statoil’s Marcellus asset Statoil-Chesapeake Joint Venture Nov 2008 ------- • • JV with Chesapeake Energy since Nov. 2008 Statoil: 682, 000 Net Acres Top tier acreage positions in two core areas Utica (liquids) potential ~30 JV operated rigs 50, 000 boepd target in 2012 Low cost F&D Low cost early entry transactions 2008 - 2011 Select Marcelllus Exxon/Phillips Enerplus Magnum Hunter BG/EXCO/Chief Chevron/Atlas Newfield/EOG Sumitomo/Rex Reliance/Carrizo Shell/East Williams/Alta CNX/Dominion Anadarko/Mitsui Reliance/Atlas Ultra/NCL App CHK/Epsilon Enerplus/Chief CHK/STO - 66 - Classification: Internal Classification: (Restricted 2011 -09 -19 2011 -05 -17 Classification: 2010 -05 -20 Classification: 2010 -06 -02 Classification: Internal Distribution) 2010 -04 -16 2011 -06 -22 Classification: 2011 -05 -18 Classification: Internal 2010 -04 -16 2011 -05 -09 2010 -05 Internal (Restricted 2011 -05 -17 Classification: 20 Classification: Distribution) 2010 -12 -11 Classification: Internal 2010 -04 -16 2011 -05 -09 Internal (Restricted Distribution) 2010 -12 -10 Classification: Internal (Restricted 3 000 6 000 9 000 12 000 15 000 18 000 21 000 $/acre

Statoil’s Eagle Ford asset Statoil-Talisman Joint Venture • • Joint Venture with Talisman since Dec. 2010 Pathway to operatorship for Statoil: 67, 000 net acres Growth opportunities 5 JV operated rigs today. 8 by year end About 60% of revenue expected from liquids Low cost early entry Nov 2009 ------- Select Eagle Ford transactions 2009 - 2011 SM Energy Marathon/Hilcorp Anadarko/KNOC CHK/Encap/Escondido CHK/Antares/San Isidro CHK/CNOOC STO/TLM/Enduring Plains E&P Pioneer/Reliance Hilcorp/KKR Shell TLM/Common BP/Lewis Petrohawk/Swift (5 000) 5 000 15 000 $/acre 77 - Classification: Internal 2011 -09 -19 25 000

Local stakeholders and land access Local impact • Land-based shale involves frequent interaction with local stakeholders • Fit for purpose impact assessments and sound CSR and HSE measures crucial to success Land access • The US is unique in terms of coupling land access and resource access • All relevant countries outside US will involve: − Access to resources through government − Access to land through negotiations and relationship with authorities and land owners 8 Classification: Internal 2011 -09 -19

Increasing unconventional share of global M&A Global M&A spend by asset type Source: Wood Mackenzie M&A Service (September 2011) 9 Classification: Internal 2011 -09 -19

Our ambition towards 2020 Industrial position in North America – Global long-term options Options Ambition North American cluster Immature plays Proved plays Eagle Ford • Provide sufficient scale for an industrial position • Put Statoil in Top 5 -10 for shale • Continue the NA growth trajectory of 2 -3 x production growth every 5 years Global growth portfolio Marcellus • 1 based on today’s market concentration and the expected shift towards unconventionals 10 Classification: Internal 2011 -09 -19 • Take positions in emerging plays to create a strong portfolio by 2015

Emerging views of gas resources globally EIA: 388 tcf USA WM: 202 tcf EIA: 862 tcf Europe EIA: 639 tcf WM: 126 tcf WM: 585 tcf Legend: Range of technically recoverable gas resources (tcf) Shale gas CBM Tight gas Canada China EIA: 1275 tcf High Mexico 681 tcf EIA: 1042 tcf Africa Other Asia Pacific EIA: 114 tcf Low WM: 35 tcf South America EIA: 1225 tcf WM: 129 tcf Australia EIA: 396 tcf WM: 21 tcf WM: 69 tcf § Estimates outside NA are immature and based on a limited data set § CBM and tight gas estimates reflect limited research coverage Sources: Wood. Mackenzie (WM) (2011), US Energy Information Administration (2011), Advanced Resources International (2009), IHS Cera (2010/11) 11 Classification: Internal 2011 -09 -19 Note: The estimates are based on different evaluation methods and include different unconventional plays which makes them not directly comparable.

Thank you Atle Rettedal Senior Vice President aret@statoil. com www. statoil. com 12 Classification: Internal 2011 -09 -19