Financial statements 2002 - Statoil

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Financial statements 2002 - Statoil

Statoil group – NGAAP Statoil group – NGAAP – notes Statoil ASA – NGAAP

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9. Short-term investments

AT DECEMBER 31,

(IN NOK MILLION) 2002 2001

Short-term deposits 115 115

Certificates 1,491 1,675

Bonds 50 180

Total short-term investments 1,656 1,970

The cost price of short-term investments corresponds to book value as at year-end 2002 and 2001.

All short-term investments are considered held for trading and are recorded at fair value with unrealized gains and losses included in income.

The Company’s bonds are in their entirety issued by Norwegian banks and credit institutions and denominated in NOK.

10. Property, plant and equipment

MACHINERY, PRODUCTION

EQUIPMENT AND PLANTS OIL PRODUCTION CAPITALIZED

TRANSPORTATION AND GAS PLANTS BUILDINGS CONSTRUCTION EXPLORATION

(IN NOK MILLION) EQUIPMENT INCL PIPELINES ONSHORE AND LAND VESSELS IN PROGRESS COST TOTAL

Cost at January 1, 2002 2,245 196,392 4,147 2,311 217 2,476 2,218 210,006

Additions and transfers 435 6,596 29 57 0 4,231 340 11,688

Disposals at cost (603) (879) 0 (3) (110) (208) (7) (1,810)

Expensed expl cost capitalized earlier year

Accumulated depreciation, depletion and

0 0 0 0 0 0 (551) (551)

amortization (1,484) (127,795) (2,631) (825) (80) 0 0 (132,815)

Book value at December 31, 2002 593 74,314 1,545 1,540 27 6,499 2,000 86,518

Other intangible assets 870

Net property, plant and equipment at December 31, 2002 87,388

Depreciation, depletion and

amortization for the year 253 12,358 164 62 13 0 0 12,850

Estimated useful life (years) 5-10 * 15-20 20-25 20-25

*Unit of production, see note 1.

The book value of vessels consist of financial leases.

In 2002 and 2001, NOK 190 and 209 million respectively, of interests were capitalized.

Exploration expenditures

(IN NOK MILLION) 2002 2001

Incurred during the year 1,587 1,664

Capitalized share of current year's explortion activity (481) (488)

Expensed, previously capitalized exploration costs 551 665

Expensed during the year 1,657 1,841

STATOIL 2002

NOTES TO FINANCIAL STATEMENTS STATOIL ASA – NGAAP

Statoil ASA – NGAAP notes

To the Annual

General Meeting

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