CHK Chesapeake Energy Corporation

   By Sven Grundberg 
 

STOCKHOLM--Norwegian oil major Statoil ASA (STL.OS) Tuesday said it has sold parts of its holding in the U.S. Marcellus shale gas well to Southwestern Energy Company (SWN) for $394 million.

The deal reduces Statoil's stake in the Marcellus, a shale area located in Ohio and West Virginia, to 23% from 29% and is expected to close in the first quarter next year.

Statoil said it has entered a partnership with Southwestern Energy in the form of a joint development agreement.

The transaction represents approximately 30,000 acres and "confirms the attractiveness of U.S. unconventionals," Statoil said. Statoil first entered Marcellus in a joint venture with Chesapeake Energy Corp. (CHK) in 2008.

-Write to Sven Grundberg at sven.grundberg@wsj.com; Twitter: @WSJNordics