14 October 2010

Working meeting held between Alexei Zagorovskiy and Helge Lund

A meeting was held at the Moscow office of Shtokman Development AG today between Alexey Zagorovskiy, the Company’s CEO, and Helge Lund, Statoil ASA President and CEO.

The parties discussed current issues of relevance for Shtokman Project Phase I implementation and the highest priority objectives for the near future. These priorities include the preparations for the next meeting of the Company’s Board, which is to be held on November 24th of this year.

“We had a good meeting with Alexey Zagorovsky today”, said Helge Lund. “Statoil is satisfied with the close and constructive cooperation we have with Shtokman Development AG, and our partners Gazprom and Total. Statoil is committed to support Shtokman Development AG in their work to make Shtokman a success.”

Company CEO Alexey Zagorovskiy noted that “Statoil is very experienced in the development of offshore fields in harsh Arctic conditions. It is very important for us, as an operating company, to have the support of our shareholders to guide us in our decision making.”