Norway’s energy company Statoil is set to sell some of its non-operated interests in West Virginia, US, to Antero Resources in a deal valued at approximately $96m.
The latest sale is the third in the southern Marcellus within the last two years and follows the announcement made by Antero last month of the acquisition of Southwestern Energy’s interest in the same assets.
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Statoil and Antero have agreed on the same price that was accepted between Southwestern and Antero.
Primarily located in Wetzel, Tyler and Doddridge Counties, the acreage is operated by Southwestern.
Statoil’s net acreage included in the deal is about 11,500 acres and its average working interest is 19%.
The company said the sale will increase its financial flexibility and allows capital to be focused on core activities.
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By GlobalDataIn December 2014, Statoil agreed a deal with Southwestern Energy to reduce its working interest in its non-operated southern Marcellus asset from 29% to 23% for $394m.
Furthermore, the company divested its operated properties in the West Virginia to EQT in May this year for $407m.
Statoil US development and production executive vice-president Torgrim Reitan said: “The US business is one of the focus areas in Statoil’s international strategy.
“We will continue to actively manage the portfolio, optimise field developments, and step up efficiency improvements and cost reduction measures.”
In the Marcellus, the company plans to retain its operated properties in the Ohio, US and about 350,000 net acre non-operated positions.
The transaction is subject to certain conditions being met and is expected to close by the third quarter of this year.
Image: Statoil retains its operated properties in the Marcellus. Photo: courtesy of Ole Jørgen Bratland.
