Norway’s Statoil sheds Marcellus shale acreage

1 Aug 2016   Shale Gas

For $96 million, and following a weak earnings report, Norwegian energy company Statoil said it was getting rid of some of its gas assets in the United States. The Norwegian company holds about 350,000 net acres of the Marcellus shale natural gas basin, but decided to sell off about 11,500 acres of that to Antero Resources Corp. “The U.S. business is one of the focus areas in Statoil’s international strategy,” Torgrim Reitan, a vice president in charge of U.S. production for Statoil, said in a written statement. “We will continue actively to manage the portfolio, optimize field developments, and step up efficiency improvements and cost reduction measures.” The Marcellus basin is one of the more lucrative reserve areas […]

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