Statoil will divest some of its non-operated onshore interests in the US state of West Virginia to Antero Resources Corporation for approximately $96 million in cash.
The acreage is primarily located in Wetzel, Tyler and Doddridge Counties and is operated by Southwestern. Statoil’s net acreage included in this transaction is approximately 11,500 acres and its average working interest is 19 percent.
“The divestment increases Statoil’s financial flexibility and allows capital to be focused on core activities in order to maximize value creation,” said Statoil in a company statement.
“The US business is one of the focus areas in Statoil’s international strategy. We will continue actively to manage the portfolio, optimize field developments, and step up efficiency improvements and cost reduction measures,” says Torgrim Reitan, executive vice president of Development and Production USA for Statoil.
The transaction is expected to close by the third quarter of 2016, subject to certain conditions being met.
In December 2014, Statoil agreed to reduce its working interest in its non-operated southern Marcellus asset from 29 percent to 23 percent in a $394 million transaction with Southwestern Energy. In May this year, Statoil divested its operated properties in the US state of West Virginia to EQT Corporation for $407 million in cash.
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you