Statoil ASA - Summary of Law Enforcement Action

Following a series of negotiations with the Iranian official in 2001 and 2002, Statoil entered into a "consulting contract" with an offshore intermediary company. The purpose of that consulting contract—which called for the payment of more than $15 million over 11 years—was to induce the Iranian official to use his influence to assist Statoil in obtaining a contract to develop portions of the South Pars field and to open doors to additional Iranian oil and gas projects in the future.