Statoil sells US business for over 3 billion Nok

Statoil, SamsungLogo.Photo

Statoil has decided to sell its operations in the Marcellus shale gas area in the US state of West Virginia for 407 million US dollars, equivalent to around 3.3 billion Norwegian kroner.

The sale of the assets, which are outside the company’s core area of ​​Marcellus, covers an area of ​​about 250 square kilometers, according to a press release from the company.
The purchaser is the US energy company EQT Corporation.
Statoil’s equity production from operations in the first quarter of 2016 was approximately 9,300 barrels per day. Statoil retains its independently operated assets in the state of Ohio and its partner-operated position in the Marcellus area.
The transaction is expected to be finalized in July 2016, provided certain conditions are met, the company said.
Since 2008, Statoil has been operating in the Marcellus area.
In 2014 Statoil sold just over 2,000 square kilometers in the area for 2.9 billion Nok to Southwestern Energy.
In April last year Statoil, before adjusting their quarterly results, had a formidable deficit of 35.4 billion, due to substantial profit reductions. The Marcellus field was alongside two other units responsible for a 30 billion negative adjustment.


Source: NTB scanpix / Norway Today