Statoil Takes Over As Operator of Texas Shale Gas Asset

   By Dominic Chopping 
 

Norwegian oil and gas major Statoil ASA (STO) said Monday that as of today it has assumed operatorship for all activities in the eastern part of its Eagle Ford asset in Texas.

 
   MAIN FACTS: 

-Statoil entered into the Eagle Ford shale in 2010, through a 50/50 JV with Talisman Energy USA Inc.

-Talisman initially acted as operator for the jointly owned acreage, under an agreement where Statoil was to attain operatorship for half the acreage at a later stage.

-Last year, the companies agreed that Statoil, through a phased transition, would take responsibility for operations in the eastern half of the asset.

-This acreage falls mainly within Live Oak, Karnes, DeWitt and Bee counties. Talisman will continue with operational responsibility for the western acreage, which is principally in McMullen, La Salle and Dimmit counties.

-The joint ownership for the total acreage is not impacted by the splitting of operational responsibilities.

-Statoil holds approximately 73,000 net acres in the Eagle Ford. Production stands at 20,200 barrels of oil equivalents per day (boe/d) (Statoil share) from around 300 producing wells.

-At 0706 GMT shares traded 1% higher at NOK126.50.

-Write to Dominic Chopping at [e-mail]; Twitter: @WSJNordics

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