Statoil continues to sell its U.S. portfolio for cashStaff Writer | August 2, 2016
In the latest transaction, Statoil will divest some of its non-operated interests in West Virginia to Antero Resources Corporation for approximately $96 million in cash.
Energy Increasing financial flexibility of Statoil
The acreage is primarily located in Wetzel, Tyler and Doddridge Counties and is operated by Southwestern. Statoil’s net acreage included in this transaction is approximately 11,500 acres and its average working interest is 19%.
As with the two previous transactions, the divestment increases Statoil’s financial flexibility and allows capital to be focused on core activities in order to maximise value creation.
In the Marcellus Statoil retains its operated properties in the US state of Ohio and its c. 350,000 net acre non-operated position.
The transaction is expected to close by the third quarter of 2016, subject to certain conditions being met. ■