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Statoil Assumes Control of Eastern Eagle Ford Assets

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Norwegian oil company Statoil (NYSE: STO  ) has had its eye on becoming more intimately involved in its operations in the Eagle Ford shale region in Texas since it first acquired the acreage in 2010, and last year it advised its joint venture partner, Talisman Energy (NYSE: TLM  ) , that it intended to take over all the activities associated with the eastern region of its asset.

Today, it announced it was doing just that, though Talisman would continue the operational activities in the western division.

Statoil VP for U.S. Onshore Torstein Hole said, "We now have operational activities in all our onshore assets, Bakken, Marcellus and Eagle Ford. Our organization in Houston is eager to further develop our Eagle Ford holding as operator and we look forward to engaging with communities and landowners in the eastern part of our joint venture acreage."

Despite the division of responsibilities, the joint ownership of the Eagle Ford acreage, which is split 50-50 with Talisman, does not change.

Statoil has been active in various U.S. shale plays since 2008 and holds approximately 73,000 net acres in the Eagle Ford with its share of production from approximately 300 producing wells standing at 20,200 barrels of oil equivalents per day.

Beginning today, Statoil assumed responsibility for producing wells, processing facilities, pipelines and infrastructure, and a field office. It has already taken over operations on three drilling rigs in the shale region. 

Besides its activity in the Eagle Ford, Statoil holds significant positions in the Marcellus and the Bakken plays as well.


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Rich Duprey
TMFCop

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.

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9/4/2015 4:02 PM
STO $14.60 Down -0.51 -3.38%
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