Statoil acquires central Marcellus acreage for $590 million

Statoil ASA has acquired 70,000 operated net acres in the central Marcellus shale in Ohio and West Virginia for $590 million from three US private companies: Grenadier Energy Partners LLC, PetroEdge Energy LLC, and Protege Energy LLC.  The transaction closed Dec. 18, with Sept. 1 being the effective date.

The Norwegian company will operate the acreage, most of which is liquids rich.  Currently, Statoil’s production share is 5,000 boe/d, and Statoil believes the assets have significant ramp-up potential.

Statoil entered the Marcellus in 2008 through a partnership with Chesapeake Energy Corp.  In 2010, Statoil acquired acreage in the South Texas Eagle Ford shale.  In a 2011 acquisition of Brigham Exploration, Statoil obtained assets in the Bakken-Three Forks formations in North Dakota and Montana. 

Related Articles

White House eyes steps to curb oil, gas methane emissions

03/29/2014 The White House announced additional steps to reduce methane emissions from oil and gas operations as part of a broader strategy. They included reg...

Baker Hughes: US drilling rig count rebounds to 1,809

03/28/2014 The US drilling rig count gained back the 6 units it lost last week to reach 1,809 rigs working during the week ended Mar. 28, Baker Hughes Inc. re...

Sinopec reveals Fuling field production capacity goals

03/25/2014 Sinopec plans to develop Fuling shale gas field in southwestern China to a production capacity of 10 billion cu m (bcm)/year by 2017, the company s...

Santos brings Peluang gas development on stream

03/24/2014

Santos Ltd., Adelaide, has started natural gas production from its Peluang development offshore the Indonesian island of Java.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected