Statoil has sold part of its stake in the non-operated US southern Marcellus onshore asset to Southwestern Energy for $394m.
The transaction, which reduces Statoil’s working interest in the asset to 23% from 29%, covers 515,000 acres in the southern part of the Marcellus.
The divested part of the Southern Marcellus represents about 30,000 acres.
Statoil’s 2014 third quarter production from the Marcellus play amounted to 130,500 barrels of oil equivalent per day, of which about 4,000 barrels came from the assets included in the transaction.
Statoil senior vice president and US onshore head Torstein Hole said: "The transaction reduces Statoil’s non-operated holdings at an attractive price, demonstrating the value of the Marcellus assets.
"Our new partnership with Southwestern Energy provides us with an opportunity to maximise the value of an important growth asset in our US onshore portfolio."
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By GlobalDataSouthwestern Energy has recently acquired additional oil and gas assets in the Marcellus and Utica shale fields in a $4.98bn transaction with Chesapeake Energy.
Statoil has agreed to give Chesapeake consent for its transaction with Southwestern. The deal is expected to be completed in the first quarter of 2015.
Statoil has entered the Marcellus in a joint venture with Chesapeake in 2008.
Since 2011, Statoil has been transitioning from a non-operator to an unconventional operator. The company’s portfolio currently includes operated positions in each of these assets.
Image: Drilling rig in the Marcellus area. Photo: Courtesy of Helge Hansen.
