Torstein Hole (left); seniorVP for US onshore in Statoil and Andy Winkle; Statoil's VP for the Marcellus asset; at a well pad in the Marcellus area

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”).

“The transaction reduces Statoil’s non-operated holdings at an attractive price, demonstrating the value of the Marcellus assets” said Torstein Hole, Statoil senior vice president and US onshore head.

“Our new partnership with Southwestern Energy provides us with an opportunity to maximise the value of an important growth asset in our US onshore portfolio. Southwestern is a very dynamic operator that will maximise the value and return.”

The transaction covers 515,000 acres in the southern part of the Marcellus, in which Statoil today 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.

Tags: Statoil