Statoil to become an operator on the US Marcellus shale

The Norwegian producer has made an acquisition of 70,000 acres in southeastern Ohio and West Virginia

Norwegian producer Statoil will become an operator the US Marcellus Shale play for the first time, following its $590 million acquisition of 70,000 acres in southeastern Ohio and West Virginia.  Sellers were not disclosed; however Bloomberg reported that they included privately-held producers, Petroedge Resources and Tulsa-based Protege Energy, and a Texas private equity fund. The deal is effective from 1 September 2012. Statoil estimates the lands hold between 300m and 500m barrels of oil equivalent (boe) of risked reserve potential in the liquids window of the shales. The assets are presently producing about 5,000 barrels of oil equivalent a day (boe/d).  Though the deal increases Statoil’