Anadarko Reaches Agreement with Statoil on Gulf of Mexico Assets.

HOUSTON -- Anadarko Petroleum Corporation (NYSE: APC) and Statoil (OSE:STL) (NYSE:STO) today announced they have signed an agreement whereby Statoil will pay Anadarko $901 million and acquire Anadarko's interests in and around two deepwater Gulf of Mexico discoveries and one prospect.

The agreement relates to Anadarko's holdings in the Knotty Head (25 percent working interest) and Big Foot (15 percent working interest) oil discoveries, as well as the Big Foot North (15 percent working interest) prospect.

"This transaction further advances our efforts to reduce financial leverage following the acquisitions of Kerr-McGee and Western Gas Resources in August," Anadarko Chairman, President and CEO Jim Hackett said. "Anadarko's position in the deepwater Gulf of Mexico is very robust, with nine hub-and-spoke development projects already on-line, a number of discoveries proceeding toward sanction, six exciting exploration wells currently drilling and a solid prospect inventory for the future. The agreement with Statoil represents an opportunity to realize the value from a portion of our extensive portfolio."

The transaction is expected to close in the first quarter of 2007, subject to applicable pre-emption rights of co-owners in the subject leases and other customary closing conditions. In lieu of a sale, the parties are discussing the possibility of a joint venture arrangement to effect the transaction.

Randall & Dewey marketed and served as Anadarko's financial advisor for the lease blocks relating to Knotty Head, while Lehman Brothers provided financial advisory services for the Big Foot and Big Foot North blocks.

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2005, the company had 2.45 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. In August 2006, Anadarko acquired Kerr-McGee Corporation and Western Gas Resources, Inc. in separate transactions.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this news release. See "Risk Factors" in the company's 2005 Annual Report on Form 10-K and other public filings, press releases and discussions with company management. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.