The proved reserves of the international business area increased by 2% in 2008, from 1039 mmboe to 1055 mmboe.

The increase in the proved reserves estimate in 2008 reflects the effect of lower oil prices on entitlement production for international projects with a Production Sharing Agreement or a Buy Back Agreement.

Several purchase and sale agreements and changes of ownership were finalised in 2008 that had an effect on the international reserves balance:

• The purchase of Anadarko's 50% share in Peregrino was finalised late in 2008, contributing positively to the international reserves balance.
• On 9 February 2008, Sincor in Venezuela was transformed into an incorporated joint venture known as Petrocedeño, S.A. and partially nationalised, resulting in a change of our share from 15% to 9.677% and a reduction in proven reserves.
• The sale of our Shelf portfolio in Gulf of Mexico was effective from 1 January 2008, resulting in a reduction in proved reserves.

Acquisition of a share in the Marcellus shale gas play in the USA was completed in December 2008, but no reserves are booked in 2008. With few wells in production, limiting the reserves that can be booked by the year end, StatoilHydro has not included the Marcellus shale in the 2008 proved reserves estimate.

North American Oil Sands Corporation was officially taken over by StatoilHydro in the middle of 2007, but the current maturity level and recovery techniques of the asset do not yet justify recognition of proved reserves.

The share of developed reserves at year end is 536 mmboe, which is up 17.5% from 2007. Of the 2008 proved developed reserves, 406 mmboe are oil/NGL and 20.6 bcm (727 bcf) are natural gas. The increase in proved developed reserves is primary related to production start-up of developments in Angola and future development in fields in Azerbaijan and Libya.

The following table shows our total international proved reserves as of 31 December for each of the last three years. Further information on reserves can be found in note 34 - Supplementary oil and gas information - to our Consolidated Financial Statements.

		Oil/NGL	Natural gas		Total
Year		mmbbls	bcm	bcf	mmboe
2008	Proved reserves end of year	805	39.7	1403	1055
	of which, proved developed reserves	406	20.6	727	536
2007	Proved reserves end of year	785	40.4	1426	1039
	of which, proved developed reserves	323	21.2	748	456
2006	Proved reserves end of year	756	44.3	1567	1032
	of which, proved developed reserves	334	8.0	283	385