Statoil now operates half of the company's Eagle Ford venture. The company has almost three years of experience in the play, but did not operate a rig in the area until April of this year.
Since the first quarter, Talisman, Statoil's partner, has been transferring 50% of the JV's operations to the Norwegian company.
The Talisman - Statoil Eagle Ford JV has been active in South Texas for almost three years. When the JV was first agreed it was understood Statoil would begin to operate 50% of the venture at some point.
That day has come. Statoil will operate assets located in Bee, DeWitt, Karnes, and Live Oak counties, while Talisman will retain operations in Dimmit, La Salle, and McMullen counties.
The companies' Eagle Ford position was built over the past few years. A few highlights are included below.
- May 2010 Talisman & Common Resources Eagle Ford Acreage Deal Agreed
- Oct 2010 Statoil - Talisman JV Announced & Enduring Resources Purchase Agreed
- Jun 2011 Statoil & Talisman Purchase Eagle Ford Acreage From SM Energy
- Feb 2012 Boardwalk Adding 150 mmcfd Processing Plant Supported By Talisman & Statoil
- May 2012 Regency Agrees Expanded Eagle Ford Gathering Agreement With Talisman & Statoil
- Jun 2013 Talisman Looking To Sell It's Eagle Ford Position
The Talisman article from June is an interesting one. It was leaked that Talisman is shopping for Eagle Ford buyers.
Talisman announced plans to divest non-core assets earlier in the year, but adding the Eagle Ford to that group was a bit of a surprise. It honestly sounds like they are looking for a price they can't say no to. It is my opinion Statoil is the logical buyer and would have likely agreed to a transaction if the price Talisman was asking wasn't a little (or too) high.