November 4, 2008

StatoilHydro Reports Increase in Gas Sales

Norwegian energy group StatoilHydro has announced that during the gas year 2007, which ended September 30, 2008, it has sold approximately 80 billion cubic meters of gas compared to the gas year 2006 when it sold 76 billion cubic meters, a 5% increase in sales.

The sales volume includes the group's own sold piped entitlement gas and liquefied natural gas (LNG), third party gas and gas sold on behalf of the Norwegian state's direct financial interest.

StatoilHydro's isolated entitlement gas sale was close to 39 billion cubic meters (bcm) in the gas year 2007, compared to approximately 35bcm in the gas year 2006, an increase of 11%.

During the first nine months of 2008, StatoilHydro has reported gas prices of NOK2.19 per cubic meter, compared to NOK1.58 per cubic meter during the same period in 2007. During the gas year 2007, StatoilHydro for the first time sold its own LNG cargoes from its Snohvit terminal to Europe, Asia and North America.

Rune Bjornson, executive vice president for natural gas at StatoilHydro, said: "Natural gas is a very attractive and sought-after commodity. I am pleased to note record sales and at the same time ensuring high value on the gas we have sold. This goes to show that gas is becoming a more global commodity, and we are taking part in that development."