Normally the parent company, Statoil ASA, incurs the external debt and then extends loans or equity to wholly owned subsidiaries to fund capital requirements within the group.

Statoil Petroleum AS is co-obligor or guarantor of existing debt securities and other loan arrangements of Statoil ASA. As co-obligor, Statoil Petroleum assumes and agrees to perform, jointly and severally with Statoil ASA, all payments and covenant obligations for this debt.

Long-term funding is raised when we identify a need for such financing based on our business activities and cash-flows or to pre-fund when market conditions are considered favorable.

Bilde

*Issue activity under US Shelf, EMTN and separate documentation.

Statoil has been a regular bond issuer. Rated Statoil bonds have an Aa3 (“Stable Outlook”)/A+ (“Stable Outlook”) rating by Moody's and S&P, respectively, which are among the higher rated senior unsecured corporate bonds in Europe.