Statoil continues selling off its Marcellus acreage

Drilling rig
Source: DollarPhotoClub

Statoil, Norwegian multinational oil and gas company, announced today that it is planning to sell about 11,500 acres in the prolific Marcellus shale to Antero Resources. The company holds about 350,000 net acres in total in the shale formation which represents about 18 percent of total US gas production.

“The U.S. business is one of the focus areas in Statoil’s international strategy,” Torgrim Reitan, a vice president in charge of U.S. production for Statoil, said in a written statement. “We will continue actively to manage the portfolio, optimize field developments, and step up efficiency improvements and cost reduction measures.”

The sale from the Marcellus shale is the third for Statoil in the past two years. In December 2014, the company sold off some of its interest in Marcellus for $394 million after suspending some rig work to save capital.

Last week, the company said its adjusted operating profit for the second quarter was $913 million, down from the $2.9 billion reported one year ago. Spending plans for 2016 were revised lower by $1 billion to $12 billion.

Source: UPI

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