CORRECTION: Statoil: High activity and good operations

This is a correction of the announcement from 07:31 29.07.2010 CEST. Reason for
the correction: Updated presentation 2nd quarter 2010

Statoil's (OSE:STL, NYSE:STO) second quarter 2010 net operating income was NOK
26.6 billion, compared to NOK 24.3 billion in the second quarter of 2009.

The quarterly result was affected by a 32% increase in liquids prices measured
in NOK, a 6% increase in equity production and a 12% decrease in gas prices
measured in NOK. Also impairments, loss on derivatives and a provision for an
onerous contract influenced net operating income.

Adjusted earnings in the second quarter 2010 were NOK 36.4 billion, up 25% from
second quarter 2009 when adjusted earnings were NOK 29.2 billion.

Net income in the second quarter of 2010 was NOK 3.1 billion. This result
reflects higher oil prices and increased liftings, lower net financial losses
and lower tax rates partly offset by lower gas prices, impairments, losses on
derivatives and an onerous contract compared to the second quarter of 2009, when
net income was zero and the tax rate unusually high.

Adjusted earnings after tax were NOK 10.6 billion in the second quarter of
2010, up 21% from second quarter 2009 when adjusted earnings after tax were NOK
8.8 billion. Adjusted earnings after tax excludes the effect of financial items
and the tax on net financial items, and represents an effective adjusted tax
rate of 71% in the second quarter of 2010 and 70% in the second quarter of 2009.

"Statoil's second quarter is characterised by strong operational performance and
a high activity level," says Statoil's Chief Executive Officer Helge Lund.

"We are making good progress on important projects. The Gjøa production platform
is now anchored at the field in the North Sea. The Gudrun development was
approved by the Norwegian Parliament in June, and key contracts have now been
awarded. In Brazil, the Peregrino field development is moving forward and we
have agreed to bring in Sinochem as a 40% partner in the project," says Lund.

"Statoil's production is on track. Equity production is up 6% compared to second
quarter last year. However, planned maintenance turnarounds will heavily impact
production in the third quarter," says Statoil's CEO Helge Lund.

Highlights since first quarter 2010:


* Equity production is up 6% from second quarter 2009 to 1,957 mboe per day.
For the first six months of the year, equity production is 2,029 mboe per
day.
* Entitlement production is up 2% from second quarter last year to 1,765 mboe
per day.
* Average prices measured in NOK are up 32% for liquids and down 12% for gas
compared to second quarter last year. Gas prices continue to be low in a
historical perspective.
* On 19 May pressure change and loss of drilling fluid occurred in the C-06
well at Gullfaks C, causing production on Gullfaks C, Gimle and Tordis to be
shut down. Production on Gullfaks and Gimle was resumed 14 July, and Tordis
will be back on stream after a planned pipeline operation, which started on
20 July.
* On 21 May Statoil announced its agreement with the Sinochem Group to sell
40% of the Peregrino field offshore Brazil.
* On 27 May a six months drilling moratorium was imposed in the Gulf of
Mexico.
* On 16 June the Norwegian Parliament (Stortinget) approved the plan for
development and operation (PDO) for Gudrun.
* On 1 July the Agbami equity determination process was completed increasing
Statoil's share in the Nigerian field from 18.85% to 20.21%.


Further information from:

Investor relations
Lars Troen Sørensen, senior vice president investor relations, + 47 90 64 91 44
(mobile)
Morten Sven Johannessen, vice president investor relations USA, +
1 203 570 2524 (mobile)

Press
Ola Morten Aanestad, vice president for media relations, + 47 480 80 212
(mobile)



This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


[HUG#1434704]





Presentation 2nd quarter 2010: http://hugin.info/132799/R/1434704/380269.pdf
Press release complete version 2nd quarter 2010: http://hugin.info/132799/R/1434704/380267.pdf
Financial statements and review 2nd quarter 2010: http://hugin.info/132799/R/1434704/380268.pdf



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Unternehmen: Statoil - ISIN: NO0010096985