8.1 Notes to the Consolidated Financial Statements [extract]

8.1.2 Significant accounting policies [extract]

Transactions with the Norwegian State [extract]

Statoil markets and sells the Norwegian State’s share of oil and gas production from the Norwegian Continental Shelf (NCS). The Norwegian State’s participation in petroleum activities is organised through the State’s direct financial interest (SDFI). All purchases and sales of the SDFI oil production are classified as purchases [net of inventory variation] and revenue, respectively. Statoil ASA sells, in its own name, but for the Norwegian State’s account and risk, the State’s production of natural gas. This sale and related expenditures refunded by the State, are presented net in Statoil’s financial statements. Sales made by Statoil subsidiaries in their own name, and related expenditure, are however presented gross in Statoil’s financial statements where the applicable subsidiary is considered the principal when selling natural gas on behalf of the Norwegian State. In accounting for these sales activities, the State’s share of profit or loss is reflected in Statoil’s Selling, general and administrative expenses as expenses or reduction of expenses, respectively.

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