Trade Includes Eagle Ford Acreage

Repsol & Statoil Deal
Repsol & Statoil Deal

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.

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.
— Miguel Martinez San Martin, Repsol’s Chief Financial Officer

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.