We carry out share buybacks as an integrated part of our dividend policy.

The Annual General Meeting in Statoil ASA on 11 May 2016 authorised the board of directors to acquire own shares in the market. The authorisation applies to the acquisition with a face value of up to NOK 187,500,000, at a price of between NOK 50 and NOK 500 per share. Within these limits, the board of directors shall itself decide at what price and at what time such acquisition shall take place. Repurchased shares acquired under this authorisation may only be annulled through a capital reduction.*

Statoil ASA and the Norwegian State represented by the Ministry of Petroleum and Energy have entered into an agreement which regulates the redemption and annulment of a proportional share of the State's shares, ensuring that the State's owner interest in Statoil ASA remains unchanged.

On redemption of the shares, Statoil ASA will pay a price to the State for each share corresponding to a volume-weighted average of the prices paid by Statoil ASA for shares purchased in the market, plus an agreed interest compensation calculated from the date of the individual repurchases.

Statoil ASA will not repurchase own shares just before the results of a reporting period are announced or the annual Capital Markets Day.

Any buyback transactions will be disclosed to the Oslo Stock Exchange and U.S. Securities and Exchange Commission, and on this website.

* The Annual General Meeting has also authorised the Board of Directors to acquire own shares in the market in order to implement the share saving plan for employees.