NEWS

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.”