Statoil Drops $590M For Marcellus Shale Buy

Law360, New York (December 19, 2012, 4:51 PM EST) -- Statoil ASA paid $590 million to buy 70,000 acres in the Marcellus shale in a move expanding its shale investments in Texas, North Dakota and Montana, the Norwegian oil and gas production company said Wednesday.

Most of the land in the deal, which closed Tuesday, lies in the liquid-rich part of the Marcellus shale in Ohio and West Virginia, the company said in its Wednesday statement, stating that its present equity production is roughly 5,000 barrels of oil equivalents daily.

"The U.S. unconventional plays hold a...
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