Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Statoil buys acreage in US shale field for $590 mn  Join our daily free Newsletter

MENAFN - AFP - 19/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) State-owned Norwegian oil major Statoil said on Wednesday that it had bought 70,000 acres (283 square km) of land in the US Marcellus shale gas field for 590 million.

The area is rich in liquid gas, which is sold for a higher price than regular shale gas, spokesman Baard Glad Pedersen told AFP.

"Statoil is further strengthening its US onshore portfolio by acquiring additional acreage in the valuable liquid rich parts of the Marcellus shale in Ohio and West Virginia," Torstein Hole, a senior vice president, said in a statement.

The land, bought from US-based Grenadier Energy Partners, Protege Energy II and PetroEdge, currently produces 5,000 barrels of oil equivalent (boe) per day, and Statoil estimated its share of the reserves at 300 million to 500 million boe.

It said US shale represents "an increasingly important part of future energy supplies."

Statoil entered the Marcellus field in 2008 through a partnership with Chesapeake Energy, one of the world's largest producers of natural gas, and in 2010 the Oslo-based company bought into the liquid rich Eagle Ford Shale in Texas.

The following year it expanded into North Dakota and Montana through the acquisition of Brigham Exploration, after which it began operating leases in the Bakken and Three Forks formations.

Along with Anglo-Dutch energy giant Royal Dutch Shell, Statoil has this year shifted its focus in the US shale sector to liquid products, after the price of dry natural gas plummeted due to a rapid increase in supply.

"The market for these products is substantially better paying than the current market for dry gas in the US," the company said.


 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help