• Deep waters - we will further develop our position as a leading deepwater operator. The transfer of experience from subsea separation and water injection is expected to increase the final recovery factors significantly in some of the most challenging reservoirs in deep waters that we are working on, such as in the Gulf of Mexico.

• Harsh environments - StatoilHydro has the ability to deliver cutting edge field developments in harsh conditions under the strictest environmental regulations. With 30 years of experience from development and operations off the coast of Norway, StatoilHydro has a competitive advantage on which it can capitalise.

• Gas value chains - StatoilHydro has developed a comprehensive tool kit for gas value chains and demonstrated leading capabilities in the monetisation of major, often remote, gas resources. This experience will be a valuable contribution to future projects, such as Shtokman and Shah Deniz II, NnwaDoro and the large Marcellus shale gas accumulation.

• Heavy oil - we are well positioned through operatorships and ownership stakes in several key heavy oil projects. In the Peregrino field off the coast of Brazil and the Bressay and Mariner fields off the coast of the UK we will draw upon our experience from the North Sea. For our large, long-term resource base in Canadian oil sands, we will draw on our experience from our involvement in the subsurface aspects of the Venezuelan Sincor project. The development will take advantage of technological advances deriving from the research and development efforts at the StatoilHydro heavy oil technology centre in Canada.

These focus areas all draw on our strong technical and project execution skills acquired through our experience from the NCS. We access new resources through advanced exploration activities, focused business development and long-term partnerships with national oil companies.

Our international access strategy has increased the scale of our operations in terms of produced volumes, reserves and technological and geographical breadth. We aim to build a robust, diverse and long-life portfolio with substantial optionality and flexibility.

INT's near-term focus is on delivering on the production targets for 2012 communicated to the financial markets. Recent acquisitions have also given us significant operatorships that are in the exploration and planning phases, as well as the major Peregrino development project.

Major efforts are being made to make the transition from being a mainly North Sea player to becoming a world-class international operator. Over the last few years, StatoilHydro has built up a large resource base. We are working continuously to develop our inventory of projects into producing assets by looking at innovative technical and commercial solutions.