Trade Includes Eagle Ford Acreage

Statoil Acquires 13% Interest from Repsol
Repsol & Statoil Deal

Repsol & Statoil Exchange Assets

Two energy giants trade assets that will include acreage in the Eagle Ford.

Related: Repsol Moves into the Eagle Ford 

Repsol and Statoil have agreed to a non-cash swap of  worldwide operations including offshore interests in Brazil and the UK/Norway and onshore operations in the Eagle Ford Shale and Norway.

After the deal is complete, Statoil will acquire a 13% interest in the Eagle Ford joint venture from Repsol, becoming sole operator of  the 118,000 net acres held by the JV. According to the press release, this move will allow for more optimal field development, efficient operations and cost savings.

Miguel Martinez San Martin, Repsol’s Chief Financial Officer, shared in the company’s Q3’15 conference call that “The first thing we have to assess, at least in my opinion, is to really gain efficiency in the Eagle Ford asset. Right now, to have two operators in the same asset doesn’t make much sense. So other than in operations, I think that we should reach agreements with Statoil in order to really improve the area.”

Repsol moved into the Eagle Ford with its acquisition of Talisman Energy in June 2015.  The company is giving up this position in exchange for a 5% interest in the Gudrun Field on the Norwegian Continental Shelf.

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Elizabeth Alford

Elizabeth Alford

Elizabeth Alford writes on significant news developments in the Eagle Ford oil and gas play taking place across South TX. She is a freelance writer with an extensive communications, PR, and staff writing background.
Elizabeth Alford

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