Continued HORIZON

Chevron, ENI, ExxonMobil, Shell and StatoilHydro are confirmed as sponsors.

Stavanger, Norway, August 25, 2008:

Five majors confirm commitment in next phase of flow assurance development project for OLGA - the dynamic multiphase flow simulator.Chevron, ENI, ExxonMobil, Shell and StatoilHydro are confirmed as sponsors of the HORIZON II project.

The 3 year project estimated at NOK 30 million, seeks to develop flow models that reduce conservatism in design and new field developments far from existing infrastructure.

The HORIZON II program further focuses on long distance gas-condensate transport and slug flow in threephase systems after the recently completed HORIZON I project lent itself towards broader flow assurance challenges.

The uniqueness in the HORIZON projects is apparent in that the development and research partners (SPT Group and the Institute for Energy Technology (IFE)), makes the results readily available as integrated functionality in OLGA, the market leading dynamic multiphase flow simulator.

The OLGA verification and improvement project (OVIP) is in its 20th year with the purpose of improving and validating the OLGA code. OVIP has the world’s broadest collection of field data for verification of dynamic modeling of production flow. The current 6th phase has BP, Chevron, Eni, ExxonMobil, StatoilHydro, Total and Shell as partners.

Commercializing R&D results through OLGA ensures the necessary quality and robustness of the new code through extensive validation, maintenance and support in a demanding market with the full support of SPT Group’s world-wide presence for assistance, support, and training. This has proven to be a fast-track for getting R&D to the market and available to all parties faced with the challenges of flow assurance.