2009-08-15-2008-11-01

To purchase 15% interest in Goliat Field involving PL229, PL229B, PL229C; 10% in PL265 Ragnarrock discovery.

StatoilHydro ASA plans to acquire a 15% interest in Goliat Field in the Barents Sea and other licenses from Det norske oljeselskap ASA for approximately US$211 million. The Goliat Field acquisition involves interest in PL229 as well as PL229B and PL229C. StatoilHydro will take over all Det norske's obligations in Goliat. Det norske says it sold its interest in Goliat to strengthen its cash position and financial capacity to improve its ability to manage plans to assume own-operated licenses in the future. The effective date is Jan. 1, 2008. In addition, StatoilHydro is acquiring a 10% interest in PL265, or the Ragnarrock discovery, from Det norske in exchange for ceding its 10% interest in PL102 excluding producing fields Skirne and Byggve and its 57% interest in a carve-out area of PL169. Det norske chief executive Erik Haugane says, "We still have a strong belief in Goliat and deem this an advantageous project for the licensees and north Norway. We have participated actively in the planning of the future development and are confident that Eni, in cooperation with StatoilHydro, will succeed in developing this project further. "However, Det norske has chosen to prioritize other projects, i.e., projects related to recovery of new petroleum resources. This transaction illustrates the value in Det norske's portfolio. Through this transaction, we have secured financing of all our plans until 2012, enabling the company to grasp new opportunities that may occur in today's market."