Statoil agrees to 50/50 joint venture with Talisman Energy and moves to buy 97,000 acres from Enduring Resource's for $1.325 billion (>$13,600 per acre). Statoil is expanding its US onshore operations outside of the Marcellus Shale and gaining exposure in the coveted Eagle Ford Shale. Statoil is also paying Talisman $180 million (~10,000 per acre) for a 50% interest in 37,000 acres currently held by Talisman. Talisman's existing acreage was acquired through the acquisition of Common Resources' acreage in early 2010 for $359 million (~$10,000 per acre). The partnership now holds 134,000 acres in the Eagle Ford Shale. The partnership's Eagle Ford Shale acreage now spreads across DeWitt County, Karnes County, LaSalle County, Live Oak County, and McMullen County.
"Norwegian oil firm Statoil is expanding further its shale gas operations in the United States, saying on Sunday it has created a joint venture with Canada's Talisman to acquire acreage on the Eagle Ford prospect in Texas for $1.325 billion.""In 2008 Statoil acquired a 32.5 percent stake in the Marcellus Shale project from Chesapeake., a holding covering 1.8 million acres in the Appalachian region of North-East America."
"Statoil said mastering shale gas technology, such as horizontal drilling or hydro-fracking, is key to the growth of international oil companies in general and Statoil in particular."
Read the article at reuters.com