2015 Annual Report on Form 20-F The Annual Report on Form 20-F is our SEC filing for the fiscal year ended December 31, 2015, as submitted to the US Securities and Exchange Commission. © Statoil 2016 STATOIL ASA BOX 8500 NO-4035 STAVANGER NORWAY TELEPHONE: +47 51 99 00 00 www.statoil.com Cover photo: Øyvind Hagen 2015 Annual Report on Form 20-F 1 Introduction ...................................................................................................................................................................................................................................................................................... 6 1.1 About the report ..................................................................................................................................................................................................................................................................... 6 1.2 Key figures and highlights ................................................................................................................................................................................................................................................... 7 2 Strategy and market overview ................................................................................................................................................................................................................................................. 8 2.1 Statoil’s business environment .......................................................................................................................................................................................................................................... 8 2.1.1 Market overview ............................................................................................................................................................................................................................................................ 8 2.1.2 Oil prices and refining margins ................................................................................................................................................................................................................................. 9 2.1.3 Natural gas prices ....................................................................................................................................................................................................................................................... 10 2.2 Statoil’s corporate strategy ............................................................................................................................................................................................................................................. 10 2.3 Group outlook ....................................................................................................................................................................................................................................................................... 12 3 Business overview ...................................................................................................................................................................................................................................................................... 13 3.1 Our history ............................................................................................................................................................................................................................................................................. 13 3.2 Our business .......................................................................................................................................................................................................................................................................... 13 3.3 Our competitive position .................................................................................................................................................................................................................................................. 14 3.4 Corporate structure ............................................................................................................................................................................................................................................................ 14 3.5 Development and Production Norway (DPN) ........................................................................................................................................................................................................... 16 3.5.1 DPN overview .............................................................................................................................................................................................................................................................. 16 3.5.2 Fields in production on the NCS ........................................................................................................................................................................................................................... 17 3.5.2.1 Operations North ............................................................................................................................................................................................................................................... 20 3.5.2.2 Operations Mid-Norway ................................................................................................................................................................................................................................. 20 3.5.2.3 Operations West ............................................................................................................................................................................................................................................... 20 3.5.2.4 Operations South............................................................................................................................................................................................................................................... 21 3.5.2.5 Partner-operated fields ................................................................................................................................................................................................................................... 22 3.5.3 Exploration on the NCS ............................................................................................................................................................................................................................................ 22 3.5.4 Fields under development on the NCS ............................................................................................................................................................................................................... 23 3.5.5 Decommissioning on the NCS ............................................................................................................................................................................................................................... 24 3.6 Development and Production International (DPI) ................................................................................................................................................................................................... 25 3.6.1 DPI overview ................................................................................................................................................................................................................................................................ 25 3.6.2 International production .......................................................................................................................................................................................................................................... 26 3.6.2.1 North America .................................................................................................................................................................................................................................................... 28 3.6.2.2 South America .................................................................................................................................................................................................................................................... 29 3.6.2.3 Sub-Saharan Africa ........................................................................................................................................................................................................................................... 29 3.6.2.4 North Africa ......................................................................................................................................................................................................................................................... 30 3.6.2.5 Europe and Asia ................................................................................................................................................................................................................................................. 30 3.6.3 International