LATEST FROM COMPANIES
Statoil reduces US assets for third time in two years
- Norwegian energy company Statoil decides to reduce its assets share in state of West Virginia

Statoil decided to sell its non-core assets in its U.S. onshore portfolio, the third in the southern Marcellus assets in West Virginia on the U.S.' east coast in the last two years, the company announced on Monday.

The Norwegian company said that it will divest some of its non-operated interests in the state of West Virginia to Antero Resources Corporation for approximately $96 million in cash.

"The U.S. 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," Torgrim Reitan, executive vice president of Development and Production U.S.A. said.

In this transaction, Statoil's net acreage is approximately 11,500 while its average working interest is 19 percent.

"As with the two previous transactions, the divestment increases Statoil’s financial flexibility and allows capital to be focused on core activities in order to maximize value creation," the company said.

Statoil has agreed to reduce its asset from 29 percent to 23 percent following a $394 million transaction with Southwestern Energy in December 2014.

Also in May 2016, Statoil divested its operated properties in the U.S. state of West Virginia to EQT Corporation for $407 million in cash.

By Murat Temizer

Anadolu Agency

murat.temizer@aa.com.tr

 

01 Aug,2016
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