StatoilHydro (OSE: STL, NYSE: STO) is continuing its strategy for
growth and upholding its ambition to increase the equity production
of oil and gas up to 2012, despite great uncertainty in the global
economy and the oil market.

At the group's Strategy Update in London today, 14 January, chief
executive Helge Lund and chief financial officer Eldar Sætre are
presenting new prognoses for the group's oil and gas production,
investments and exploration activity in 2009.

*         The equity production for the group is expected to rise
  from approximately 1.9 million barrels of oil equivalent (boe) per
  day in 2008 to 1.95 million boe per day in 2009.

*         Capital expenditure (Capex) in 2009 is estimated at roughly
  USD 13.5 billion. Capex in 2008, including acquisitions, is
  estimated at USD 16 billion.

*         Exploration expenditure in 2009 is estimated to reach about
  USD 2.7 billion. Plans call for 65-70 exploration wells to be
  completed during the year. Exploration expenditure in 2008 is
  estimated at USD 3.1 billion.

"StatoilHydro is well positioned to get through a period of
uncertainty in the world economy," says Mr Lund. "We have a strong
industrial platform, a solid financial position and a robust and
flexible project portfolio. We are adjusting the speed, but not
changing course.

"Our long-term strategy remains firm and its direction is unchanged.
We take responsibility for realising the full potential of the
Norwegian continental shelf (NCS). We are developing our
international platforms for long-term growth and will gradually build
a position within new energy."

The ambition to have an equity production of 2.2 million boe per day
in 2012 remains unchanged.

"We have made investments in 2008 which strengthen the basis for a
long-term production growth," Mr Lund continues. "At the same time,
the turmoil in the markets makes it sensible to prioritise more
strictly in parts of our project portfolio. All in all, we have
chosen to maintain our growth and production prognosis for 2012."

Solid deliveries in 2008

StatoilHydro confirms today that its equity production of oil and gas
reached the target of 1.9 million boe per day in 2008. The precise
production volumes will be announced when the accounts for the fourth
quarter of 2008 are presented in February.

Exploration activity has been record-high and 79 exploration and
appraisal wells have been completed. The exploration efforts in 2008
have rewarded the group with more than 800 million boe in new
resources, at an average cost of about USD 4 per barrel.

The proved reserves accounting for 2008, with book reserves and
reserve replacement ratio, complying with the US Securities and
Exchange Commission (SEC) regulations, will as usual be made
available along with the publication of the results for the fourth
quarter of 2008.

"We have delivered on key operational targets in 2008 and I want to
give credit to the organisation for having achieved good results at
the same time as we have been implementing a large and complicated
integration process," says Mr Lund.

"Safe, reliable and efficient operations are crucial for protecting
and developing value during a turbulent period. This is our main
focus now."

High activity level continuing in 2009

StatoilHydro is carrying on a high level of activity and estimates
that as operator and partner, the group will drill 65-70 exploration
wells in 2009. About half of these are on the NCS.

Although adjustments will be made in parts of the project portfolio,
the project activity will continue at a high level.

 "The oil price has fallen substantially recently and the world is
experiencing an economic downturn," Mr Lund notes. "At the same time,
costs are at record-high levels. Our response is to make stricter
priorities, cut costs, optimise plans and hold over projects which
are not time critical. StatoilHydro is in a good position to benefit
from an expected decrease in the cost level. We have large
flexibility in our portfolio and freedom of action with regard to the
investment level in the years up to 2012."

Last year the group estimated that the merger would lead to annual
gross gains of NOK 12 billion before tax for fields and plants
operated by StatoilHydro. NOK 6 billion of this amount is
StatoilHydro's annual share. The group can report today that 50% of
these synergy effects has been achieved and the full potential is
expected essentially to be realised towards the end of 2009.

As a result of the macroeconomic changes, a further cost reduction of
about NOK 1.5 billion before tax has been identified. This will be
realised in 2009, mainly by reducing costs within staff functions,
business development, information technology and administration.

Prepared for weak oil prices

"We are prepared for strong fluctuations in the oil price at a
relatively low level in the short and medium term and we are ready to
meet a situation where it for periods could be considerably lower
than it is today," Mr Lund adds. "There is however no change in our
long-term view of the market. We expect substantial demand for new
oil and gas resources over the coming decades and we are positioning
ourselves industrially in relation to this."

StatoilHydro is planning to start up eight new projects in 2009:
Yttergryta, Alve, Tyrihans, Tune South and Oseberg low pressure
production - all on the Norwegian continental shelf - as well as
Gimboa in Angola and Tahiti and Thunder Hawk in the Gulf of Mexico.
On average, the new projects are profitable with an oil price of
around USD 35 per barrel, based on StatoilHydro's requirement for
return (break-even price).

In the period leading up to 2012, unit production costs are expected
to be in the range of NOK 33-36 per barrel.

Dividend policy remains firm

With an oil price of about USD 55 per barrel, the cash flow from
operations will cover all StatoilHydro's expected investments and
expenditure in 2009, including tax.

StatoilHydro's dividend policy aims, over time, to provide the
shareholders with direct payouts averaging 45-50% of the annual
profits. This dividend policy is being confirmed at today's Strategy
Update.

Operations in the fourth quarter of 2008 have been satisfactory with
oil and gas production as expected.  Net operational income is
influenced by lower oil prices.  The fourth quarter earnings will be
particularly influenced by a strong USD versus NOK. Net financial
items will be considerably impacted by unrealised currency losses.
The average tax rate will also be negatively impacted as a
consequence of this development. These effects will be in line with
the guiding communicated earlier. Four acquisitions were closed and
paid for during the fourth quarter.

StatoilHydro's presentations at the Strategy Update may be downloaded
from the www.statoilhydro.com/ir website. They can be seen and heard
via webcast from the group's website from 14.00 Central European time
(13.00 UK time). The webcast will remain available after the meeting.

Further information from:

Investor relations:
Lars Troen Sørensen, senior vice president for investor relations, +
47 90 64 91 44 (mobile), +47 51 99 77 90 (office)

Geir Bjørnstad, vice president for investor relations, USA:
+1 203 978 6950 (office)

Media:
Ola Morten Aanestad, vice president for media relations, +47 48 08 02
12 (mobile)

Kai Nielsen, public affairs manager, +44 78 24 32 68 93 (mobile)


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