Statoil and Southwestern complete Marcellus transaction

Statoil (NYSE: STO) and Southwestern Energy Co. (NYSE: SWN) have completed their transaction in the Marcellus shale play, whereby Statoil has reduced its average working interest in the non-operated US southern Marcellus onshore asset from 29% to 23%.

The transaction covers 515,000 acres in the southern part of the Marcellus shale play. The divested share represents approximately 30,000 net acres in West Virginia and southwest Pennsylvania for $365 million, after environmental and title adjustments.

Statoil’s third-quarter 2014 production from the Marcellus play amounted to 130,500 barrels of oil equivalent per day, of which approximately 4,000 barrels came from the assets included in the transaction.

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