Statoil Sells Parts Of Holding In Marcellus To Southwestern
December 23 2014 - 2:56AM
Dow Jones News
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
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