THIS PRESS RELEASE IS NOT BEING TRANSMITTED INTO ITALY

Stavanger, Norway - August 18, 2008. StatoilHydro ASA("StatoilHydro") announced today that it is terminating itsconsentsolicitations and not accepting any consent instructions relatingtoproposed amendments to its 9.00% Debentures due 2012, 7.50%Debentures due 2016, 6.70% Debentures due 2018, 7.75% Debenturesdue2023, 7.15% Debentures due 2025 and 7.25% Debentures due 2027issuedunder the 1992 Indenture (each as defined below), and its 7.25%Debentures due 2027 issued under the 1994 Indenture (as definedbelow). In accordance with the terms and conditions set forth intherespective consent solicitation statements dated June 10, 2008,anyconsent instructions given with respect the these series of debtsecurities will be voided, and no consent payments will be paid totheir holders.

On July 25, 2008, StatoilHydro announced bondholder approval ofamendments relating to its 6.36% Notes due 2009, 9.125% Debenturesdue 2014, 6.80% Debentures due 2028 and 7.15% Debentures due 2029issued under the 1992 Indenture (each as defined below), and the9.125% Debentures due 2014 issued under the 1994 Indenture (asdefined below) by its wholly-owned subsidiary, StatoilHydroPetroleumAS ("StatoilHydro Petroleum"). On August 1, 2008, StatoilHydromadeconsent payments of $1.50 per $1,000 principal amount of thesecurities to holders of such securities who properly deliveredvalidand unrevoked consents on or prior to 5:00 p.m. New York City TimeonJuly 24, 2008.

The consent solicitations related to (i) the indenture (the "1992Indenture") relating to the $300,000,000 6.36% Notes due 2009 (the"6.36% Notes due 2009"), $350,000,000 9.00% Debentures due 2012(ofwhich $152,853,000 are outstanding) (the "9.00% Debentures due2012"), $99,522,000 9.125% Debentures due 2014 (the "9.125%Debentures due 2014"), $300,000,000 7.50% Debentures due 2016 (ofwhich $243,825,000 are outstanding) (the "7.50% Debentures due2016"), $250,000,000 6.70% Debentures due 2018 (the "6.70%Debenturesdue 2018"), $300,000,000 7.75% Debentures due 2023 (the "7.75%Debentures due 2023"), $250,000,000 7.15% Debentures due 2025 (the"7.15% Debentures due 2025"), $480,512,000 7.25% Debentures due2027(the "7.25% Debentures due 2027"), $250,000,000 6.80% Debenturesdue2028 (the "6.80% Debentures due 2028"), and $275,000,000 7.15%Debentures due 2029 (the "7.15% Debentures due 2029" andcollectively, the "1992 Indenture Securities"); and (ii) theindenture (the "1994 Indenture") relating to the $500,000,0007.25%Debentures due 2027 (of which $15,588,000 are outstanding) (the"7.25% Debentures due 2027 issued under the 1994 Indenture"), andthe$100,000,000 9.125% Debentures due 2014 of StatoilHydro Petroleum(ofwhich $478,000 are outstanding) (the "9.125% Debentures due 2014issued under the 1994 Indenture", and collectively, the "1994Indenture Securities").

Merrill Lynch International, Merrill Lynch, Pierce, Fenner & SmithIncorporated, UBS Limited and UBS Securities LLC acted as JointSolicitation Agents.

Global Bondholder Services Corporation was retained to act asInformation Agent and Tabulation Agent with respect to the consentsolicitations.

This document does not constitute an offer to exchange or sell oranoffer to exchange or buy any securities.

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