Aug 01, 2016

Statoil sheds $96 million in US onshore assets

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Norway’s Statoil has announced that it will divest US $96 million in non-operated assets in the US State of West Virginia to Antero Resources C...

Norway’s Statoil has announced that it will divest US $96 million in non-operated assets in the US State of West Virginia to Antero Resources Corporation.

The company will sell some 11,500 acres in Wetzel, Doddridge and Tyler counties in what is its third divestment in the Marcellus natural gas trend in two years.

Statoil holds an interest of 19 percent in the land to be sold, which is operated by Texas-based Southwestern Energy Company.

In the Marcellus, the company will retain operated properties in the state of Ohio as well as its 350,000 net acre non-operated position.

“The US business is one of the focus areas in Statoil’s international strategy. We will continue actively to manage the portfolio, optimise field developments, and step up efficiency improvements and cost reduction measures,” said Torgrim Reitan, Executive Vice President of Development and Production USA.

Last week, Statoil posted a surprise second-quarter net loss of $28 million with experts blaming the fall on weak oil and gas markets. This year, the company slashed its capital expenditure to $12 billion from a previous target of $13 billion. In 2014, it set a $20 billion spending record.

The Antero transaction is expected to close by the third quarter of 2016. 

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