Statoil acquires central Marcellus acreage for $590 million

Statoil ASA has acquired 70,000 operated net acres in the central Marcellus shale in Ohio and West Virginia for $590 million from three US private companies: Grenadier Energy Partners LLC, PetroEdge Energy LLC, and Protege Energy LLC. The transaction closed Dec. 18, with Sept. 1 being the effective date.

The Norwegian company will operate the acreage, most of which is liquids rich. Currently, Statoil’s production share is 5,000 boe/d, and Statoil believes the assets have significant ramp-up potential.

Statoil entered the Marcellus in 2008 through a partnership with Chesapeake Energy Corp. In 2010, Statoil acquired acreage in the South Texas Eagle Ford shale. In a 2011 acquisition of Brigham Exploration, Statoil obtained assets in the Bakken-Three Forks formations in North Dakota and Montana.