Statoil sells down Marcellus interest to Southwestern Energy

Statoil sells down Marcellus interest to Southwestern Energy

Statoil has agreed to reduce its working interest in the non-operated US southern Marcellus onshore asset from 29% to 23%, following a USD 394 million transaction with Southwestern Energy.

The transaction covers 515,000 acres in the southern part of the Marcellus, in which Statoil holds an average working interest of 29%.

The divested share of the Southern Marcellus represents approximately 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 approximately 4,000 barrels came from the assets included in the transaction.

Southwestern is an experienced operator in the development and production of US onshore unconventionals. It announced the acquisition of Chesapeake Energy’s holdings in the Southern Marcellus asset on 16 October 2014.

Statoil have agreed to give Chesapeake consent for their transaction with Southwestern. Statoil and Southwestern have now agreed to the partial sell-down of Statoil’s interest at an equivalent price to that agreed between Chesapeake and Southwestern.

Statoil and Southwestern have put in place a new joint development agreement. Following the transaction, Statoil will hold around 23% of the underlying non-operated Southern Marcellus assets. The transaction is expected to close in Q1 2015.

Press Release; Image: Statoil

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