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.
Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Statoil (ADR). Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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