Statoil ASA

Commencement of subscription period for the Dividend Issue for the second quarter 2017 under the Scrip Dividend Programme

NOT FOR RELEASE IN OR INTO CANADA, JAPAN, AUSTRIA, POLAND, ESTONIA, ICELAND OR ANY OTHER JURISDICTION IN WHICH THE RELEASE WOULD BE UNLAWFUL

Reference is made to the previous announcements by Statoil ASA (OSE:STL, NYSE:STO, the "Company") regarding the resolution made by the annual general meeting on 11 May 2017 to continue the two year scrip dividend programme commencing from the fourth quarter 2015 (the "Scrip Dividend Programme"). Further reference is made to the resolution by the board of directors on 26 July 2017 to distribute a dividend of USD 0.2201 (NOK 1.7953, as announced 8 November 2017) per share for the second quarter 2017 that shareholders can choose to receive either in new shares of the Company ("Dividend Shares") or in cash.

In connection with the Scrip Dividend Programme for the second quarter 2017 (the "Dividend Issue"), the Company will issue up to 160,000,000 Dividend Shares, each with a nominal value of NOK 2.50 per share, for subscription by Existing Shareholders (as described below).

A prospectus will not be prepared for the Dividend Issue. The Terms and Conditions for subscription of Dividend Shares are available on www.statoil.com/scrip.

Subscription period:

The subscription period for the Dividend Issue will commence at 09:00 a.m. CET on 20 November 2017 and expire at 11:59 p.m. CET on 4 December 2017 (the "Subscription Period").

Existing Shareholders who have not subscribed for Dividend Shares at the time of expiry of the Subscription Period will receive their dividend in cash without any action on their part on or about 15 December 2017 in respect of shareholders on Oslo Børs (Oslo Stock Exchange) and on or about 18 December 2017 in respect of ADR holders on New York Stock Exchange.

Subscription price:

The subscription price will be equal the volume-weighted average share price over the last two trading days on Oslo Børs of the Subscription Period for the Dividend Issue, with a deduction for a discount of 5%. The subscription price is expected to be announced on or around 5 December 2017.

Subscription procedures:

Subscriptions for Dividend Shares can be made electronically via VPS' online subscription system. A link to the subscription system can be found on www.statoil.com/scrip. Existing Shareholders who are considered eligible to subscribe for Dividend Shares have received or will receive a letter from the Company with personal log in details to the VPS subscription system.