SOURCE: Statoil

March 25, 2011 03:15 ET

Statoil publishes Annual and Sustainability Report for 2010

STAVANGER, NORWAY--(Marketwire - March 25, 2011) -


Statoil (OSE:STL, NYSE:STO) published the group's Annual and Sustainability Report for 2010 on its website today, 25 March, as well as its US Annual Report and accounts on Form 20-F.

"2010 was a year of important strategic progress and active portfolio management for Statoil. We carried out a successful listing of Statoil Fuel and Retail, further clarifying our strategic profile as a technology focused upstream company," writes chief executive Helge Lund in his introduction to the annual and sustainability report.

Lund notes that Statoil through the Peregrino and oil sands transactions strengthened the balance of the portfolio, increased the group's financial flexibility, and created substantial shareholder value. In 2010 Statoil also continued the high activity on the Norwegian continental shelf and further matured the assets.

"Safety is our top priority and we continue to improve our overall safety results. However, specific incidents in 2010 shows that we cannot rest in our effort to further strengthen our safety performance. On the production side, we delivered high volumes during the first half of 2010, demonstrating our portfolio's capacity. During the second half of the year we experienced specific operational issues, taking the annual production somewhat below what we expected. We nevertheless delivered strong cash flow and financial results", Lund adds.

The reports will be published on Statoil's website at http://www.statoil.com/.

The HTML version of the Form 20F report will be available on the US Securities and Exchange Commission's website in the Edgar database at http://www.sec.gov from 16.00 Central European Time (11.00 Eastern Standard Time) today.

The legally required part of the annual and sustainability report will be available in a printed version on 26 April at the latest, together with the printed version of Form 20-F and Statoil In Brief 2010/2011.

At that time, the report will be distributed electronically to those shareholders who have opted to receive the report in this form.

The Statoil In Brief 2010/20112011 will be distributed all other shareholders registered in the Norwegian Central Securities Depository (VPS).

Those interested can order the printed versions. Use the order form at: http://www.statoil.com/orderreports.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Statutory Report 2010: http://hugin.info/132799/R/1499990/435454.pdf

Annual Report 2010 on Form 20F: http://hugin.info/132799/R/1499990/435455.pdf

Statoil In Brief: http://hugin.info/132799/R/1499990/435453.pdf

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Statoil via Thomson Reuters ONE

[HUG#1499990]

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