Norway’s biggest oil producer buys 70,000 Marcellus shale acres across Ohio and West Virginia

To “compensate for dwindling oil production from aging fields off Norway,” Statoil ASA – Norway’s biggest oil producer – bought 70,000 acres in the Marcellus shale across mainly Wetzel, Tyler and Harrison counties in West Virginia and Monroe County in Ohio from Grenadier Energy Partners LLC, Protege Energy II LLC and PetroEdge Resources II LLC, Bloomberg and a press release from the company said. Statoil has been pursuing a growth strategy within the Marcellus shale since first becoming a player through a partnership with Chesapeake Energy Corp. in 2008. A majority of the acres in this most recent transaction are “located in the liquid-rich part of the Marcellus” with a risked resource base estimated at 300-600 million barrels of oil equivalent equity, the release said. For more, read the full Bloomberg story and the Statoil ASA press release.

Ohio, West Virginia