Washington, D.C., Oct. 13, 2006 – LAWFUEL – Law News Network – The Securities and Exchange Commission today announced the institution of a settled enforcement action against Statoil, ASA, a Norway-based and New York Stock Exchange listed multinational oil company, for violations of the Foreign Corrupt Practices Act (FCPA), which prohibits bribery of foreign government officials. The Commission's Order finds that Statoil paid bribes to an Iranian government official in return for his influence to assist Statoil in obtaining a contract to develop a significant oil and gas field in Iran and to open doors to additional projects in the Iranian oil and gas industry. Without admitting or denying the Commission's allegations, Statoil consented to entry of an administrative Order that requires Statoil to pay disgorgement of $10.5 million.