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

2. 2 -Classification: Internal 2011-09-19Classification: Internal (Restricted Distribution) 2011-09-06Classification: Internal (Restricted Distribution) 2011-09-05 2 -Classification: Internal (Restricted Distribution) 2011-09-052 - Data from World Energy Outlook, US Geological Survey, US Energy Information Administration and World Coal Association Oil produced Oil resources Gas produced Gas resources Coal 1,1 Tbbl Methane hydrates 2-120 Tbbl 0,4 Tbbl Shale Conv. CBM Tight Oil shale Oil sand EHO Conv. Coal Resources 30+ Tbbl 7,8 Tbbl8,8 Tbbl Global energy resources

3. 3 -Classification: Internal 2011-09-19

4. 4 -Classification: Internal 2011-09-19 Apply technology to expand in unconventionals Early access to positions at low end of the cost-curve at attractive prices Partnerships and secondments to build capabilities Accessed midstream position Kai Kos Dehseh transaction Substantial production growth Innovate & leverage skill-base −Apply subsurface competence −Establish technology hubs Kai Kos Dehseh operations −Successful start-up −Ramping up production Taking on operatorship in Eagle Ford Cost curve post tax breakeven Track record USD/mcf Statoil shale Assets Resource potential, Tcf 0 10 1,000500 mboed 20202010 Production Long term materiality Statoil to operate 2011/2012 delivery Kai Kos Dehseh Marcellus Eagle Ford

5. 5 -Classification: Internal 2011-09-19 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

6. 6 -Classification: Internal 2011-09-19Classification: Internal (Restricted Distribution) 2011-06-22Classification: Internal (Restricted Distribution) 2010-12-11Classification: Internal (Restricted Distribution) 2010-12-10Classification: Internal (Restricted Distribution) 2010-12-10Classification: Internal (Restricted Distribution) 2010-12-09Classification: Internal (Restricted Distribution) 2010-12- 07Classification: Internal (Restricted Distribution) 2010-12- 03Classification: Internal (Restricted Distribution) 2010-11- 30Classification: Internal (Restricted Distribution) 2010-07- 28Classification: Internal (Restricted Distribution) 2010-07- 28Classification: Internal (Restricted Distribution) 2010-07- 28Classification: Internal (Restricted Distribution) 2010-07- 28Classification: Internal (Restricted Distribution) 2010-07- 26Classification: Internal (Restricted Distribution) 2010-07- 26Classification: Internal (Restricted Distribution) 2010-07- 23Classification: Internal (Restricted Distribution) 2010-05- 06Classification: Internal 2010-04-15Classification: Internal 2010-04- 12 Classification: Internal (Restricted Distribution) 2011-05-18Classification: Internal 2011-05-17Classification: Internal 2011-05-09 Classification: Internal 2011-05-17Classification: Internal 2011-05-09Classification: Internal 2010-06-02Classification: Internal 2010-05- 20Classification: Internal 2010-04-16 Classification: Internal 2010-05-20Classification: Internal 2010-04-16 Statoil’s Marcellus asset 6 -Classification: Internal 2010-04-16 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 Statoil-Chesapeake Joint Venture Nov 2008 ------- 

7. 7 -Classification: Internal 2011-09-19 Statoil’s Eagle Ford asset 7 - Joint Venture with Talisman since Dec. 2010 Pathway to operatorship for Statoil 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 Statoil-Talisman Joint Venture Nov 2009 ------- 

8. 8 -Classification: Internal 2011-09-19 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

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

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

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

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