Arab Today, arab today statoil buys us shale for 590m
Last Updated : GMT 04:18:35
Arab Today, arab today
Arab Today, arab today

Statoil buys US shale for $590m

Arab Today, arab today

Arab Today, arab today Statoil buys US shale for $590m

Oslo - AFP

State-owned Norwegian oil major Statoil said on Wednesday that it had bought 70,000 acres (283 square km) of land in the US Marcellus shale gas field for $590 million. The area is rich in liquid gas, which is sold for a higher price than regular shale gas, spokesman Baard Glad Pedersen told AFP. \"Statoil is further strengthening its US onshore portfolio by acquiring additional acreage in the valuable liquid rich parts of the Marcellus shale in Ohio and West Virginia,\" Torstein Hole, a senior vice president, said in a statement. The land, bought from US-based Grenadier Energy Partners, Protege Energy II and PetroEdge, currently produces 5,000 barrels of oil equivalent (boe) per day, and Statoil estimated its share of the reserves at 300 million to 500 million boe. It said US shale represents \"an increasingly important part of future energy supplies.\" Statoil entered the Marcellus field in 2008 through a partnership with Chesapeake Energy, one of the world\'s largest producers of natural gas, and in 2010 the Oslo-based company bought into the liquid rich Eagle Ford Shale in Texas. The following year it expanded into North Dakota and Montana through the acquisition of Brigham Exploration, after which it began operating leases in the Bakken and Three Forks formations. Along with Anglo-Dutch energy giant Royal Dutch Shell, Statoil has this year shifted its focus in the US shale sector to liquid products, after the price of dry natural gas plummeted due to a rapid increase in supply. \"The market for these products is substantially better paying than the current market for dry gas in the US,\" the company said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today statoil buys us shale for 590m Arab Today, arab today statoil buys us shale for 590m

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today statoil buys us shale for 590m Arab Today, arab today statoil buys us shale for 590m

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday