Norsk Hydro Oil & Energy Increases Annual Production Growth Rate To 8%

    OSLO, Norway--June 13, 2002--Hydro has revised its production profile and average annual production growth rate during the period 2001 to 2005 to 8 %.
    This is a substantial increase from the previously reported 5 - 6%.
    The purchase in March -from the Norwegian State Direct Financial Interests (SDFI) of eight production licences in the Oseberg, Tune and Grane fields, is the main reason for adjusting the production growth rate.
    The purchase is now fully approved and completed. The deal increases Hydro's interests in these fields, which they operate, to 34% in Oseberg, 40% in Tune and 38% in Grane. The additional production will be incorporated into Hydro's results from May 10 and will result in raising Hydro's forecast production target for this year from 430,000 barrels of equivalents per day (boe/d) to 455,000 boe/d. The production estimate is based on Norwegian production curtails for the first six months of this year.
    Approximately 12% of Hydro's total production in 2005 is forecast to come from outside of Norway. " We expect to see an increasing part of our production, investments and activity in areas outside of Norway in the years to come", said President of Hydro's Oil and Energy business unit, Tore Torvund. - " At the same time we are confident that Hydro's positions in deep water on the Norwegian Shelf and downstream into the European gas market, will provide good business opportunities for the company", he said.
    Certain statements in this press release are or may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not in the nature of historical facts may be deemed to be forward-looking statements and may contain identifying words such as "believes", "anticipates", "plans", "expects" and similar expressions. These forward looking statements are based on Hydro's current expectations, assumptions, estimates and projections about the company and the industries in which it engages in business. All forward-looking statements involve risks and uncertainties. For a detailed description of factors that could cause Hydro's actual results to differ materially from those expressed in or implied by such statements, please refer to its annual report on Form 20-F for the year-ended December 31, 2001 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission.