Debt strategy 

Its main elements are:

1.  Access to a well diversified debt investor base
   
2. Maintain close relationships with a limited number of international banks, constituting the Group’s core banks, providing the Group with required amounts of committed credit lines and being preferred banking partners for all Statoil operations worldwide, while still on a competitive basis.
   
3. Debt funding as a main rule centralised at the corporate level. Occasionally project financing or funding directly at subsidiary level.
   
4. The maturity profile is managed within limits expressed as shares of Capital Employed (CE). Annual redemptions shall not exceed 5% of CE in each of the years from one through five. Aggregate redemptions from year six through ten and from eleven through twenty shall not exceed 20% and 30%, respectively, of CE. 
   
5. Negative pledge
   No financial covenants
   No MAC-clauses in Revolving Credit Facilities