Efficiency today – opportunities tomorrow Erik Strand Tellefsen | Statoil

Industry context Peer group development spend vs production 2005 2004 2003 2014 2013 2012 2011 2010 2009 2002 2006 2007 2008 2016 2015 95 115 125 120 100 90 110 105 Average production target Average reported production growth Oil and gas production 80 40 120 160 23.0 22.5 22.0 21.5 21.0 20.5 20.0 Production, mmboed Development costs incurred, USD bn 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Total Shareholder Return

Production efficiency Statoil has ambitious targets Efficiency program Efficiency potential Improved drilling efficiency offshore and onshore Leaner facility and modification projects Reduced installation and plant operational cost Increase production efficiency Expected annual savings Statoil equity pre-tax; USD bn Capex 2014 2015 2016 Opex 1.3 Production efficiency Ref. CEO presentation Capital market update February 7

Johan Castberg Licensees: Statoil ASA: 50 % (operator) Eni Norge AS: 30 % Petoro AS: 20 % Location/Depth: 240 km from Melkøya LNG plant 200 km from Bjørnøya 365-405 m water depth Volumes discovered: 400-650 Mbbl of recoverable oil; Skrugard, April 2011 Havis, January 2012 Drivis, May 2014

An infrastructure train? Johan Castberg - options An infrastructure train? ,or a robust designed fit for purpose car? ,or a lean standard solution? 202+ Barentshavet er et vekstområde. Fra norsjøen og norskehavet, og for all annen virksomhet, vet vi at etablering av infrastruktur (prosesseringssentre, rørledninger, terminaler) er viktige. Bortsett fra Snøhvit er Barentshavet uten infrastruktur. Infrastruktur koster. Winterisation Prod. Ambition – schedule driven Ha dette bildet i hodet. Classification: Internal

Johan Castberg concepts FPU/Oil to shore Shipshaped FPSO FPSO with oil transport; directly to market via an Independent oil terminal

Cost reductions Target February 2015 Target June 2014 [MNOK 2014] Alll numbers in 2014 MNOK (real)

Lean, cost conscious design Turret: Too heavy Topside Too complex Living Quarter Too sophisticated Statoil’s overall strategy changes from 2.5 mbbl in 2020 to cost consciousness The FPSO designed to reach the production target is now not fit for purpose anymore. Topside is to complex, turret is too heavy, living quarter is too sophisticated and the hull is too large. Hull Too large Classification: Open 11.03.2013

Field layout June 2014 Skrugard Havis Drivis FPSO North South ED EA EB EC DA DB YA YB YC Havis Drivis CA CB CC ZA ZB CD FPSO North South 9

Field layout March 2015 Skrugard Havis Drivis FPSO North South ED EA EB EC DA DB YA YB Havis Drivis CB CC ZA CD FPSO North South 10

Efficiency improvements on track Realised USD 0.6 bn in efficiency improvements in 2014 Capex efficiency savings1) Make targets stand out a bit more. All number references in USD bn Norwegian continental shelf field cost = installation subsea and topside operation and maintenance, logistics, catering, administration, HSE and reservoir management. Capital market update

“Success is not final, failure is not fatal: it is the courage to continue that counts.”

Erik Strand Tellefsen | Statoil erte@statoil.com Thank you! Erik Strand Tellefsen | Statoil erte@statoil.com