STAVANGER, NORWAY--(Marketwire - Nov 20, 2012) - Statoil ASA (OSE: STL, NYSE: STO):Statoil and Wintershall have entered into a10-year gas sales agreement for the delivery of a total of 45 billion cubicmeters (bcm) to the German and other North-West European markets.
"This strategic agreement demonstrates the continued competitiveness ofNorwegian natural gas in the German energy mix. Natural gas abundance andestablished infrastructure provides long term security of supply, and astheleast CO2 intensive fossil fuel it can contribute to further reduction ofGermanCO2 emissions," says Statoil's President and CEO Helge Lund, adding that:"Wesee this agreement as a confirmation of how important natural gas will beinshaping the long term German energy system."
"The agreement with Statoil, a long-term and reliable energy partner withGermany for decades, is a significant milestone for Wintershall. For usthismeans that we can also use the volumes we produce from the North Sea inEuropein the future without having to expand our own infrastructure," saysWintershall's CEO Rainer Seele.
Germany consumes about 80 bcm natural gas per year and is the secondlargest gasmarket in Europe. Up to 5 bcm per year is a substantial volume,representingmore than 6 per cent of the total German gas consumption. The volumecorrespondsto the annual gas usage of more than 2 million German homes, or the gasneededto fuel eight to nine 400 MW gas power plants.
The gas is priced at competitive terms related to German and NW Europeanhubs.The gas will be delivered through existing pipeline infrastructure from theNorwegian Continental Shelf, with the bulk of the deliveries going toGermany
About Statoil's gas position in Germany
Statoil is the second largest supplier of gas to Europe and has longstandingties towards the Germany gas market. Statoil's gas reaches the Germanmarketthrough the Europipe I and II and Norpipe pipelines that landfall at DornumandEmden in Northern Germany. The company's German gas portfolio compriseslongterm gas sales contracts with major energy utilities and direct sales tolargeindustrial users. Further, Statoil is trading at the Gaspool and NCG gashubs,owner/operator of the Etzel gas storage and part owner in the NETRApipeline.
Based in Kassel, Germany, Wintershall Holding GmbH is a wholly ownedsubsidiaryof BASF and has been active in the exploration and production of crude oilandnatural gas for over 80 years. Wintershall focuses on selected coreregions,where the company has built up a high level of regional and technologicalexpertise. These are Europe, North Africa, South America, as well as Russiaandthe Caspian Sea region. In addition, these operations are complemented bythecompany's growing exploration activities in the Middle East. Today, thecompanyemploys more than 2,000 staff worldwide from 40 nations and is Germany'slargestinternationally active crude oil and natural gas producer.
This information is subject of the disclosure requirements pursuant tosection5-12 of the Norwegian Securities Trading Act.
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Source: Statoil via Thomson Reuters ONE
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