Statoil sells parts of its gas portfolio in the United States for close to three billion while gas prices are the lowest in 16 months. – A huge success, says Statoil’s strategy director John Knight.
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John Knight After hike in the Alps at the weekend could Statoil British strategy director John Knight ring in Christmas with enough one billion trade. We sold yesterday parts of the giant Marcellus field on the US east coast for nearly three billion to the American company Southwestern Energy. Statoil bought the first time into the field in 2008.
– It is a story of success, values and profitability. It’s a different story than the one I often read about in the papers, says Knight.
When Statoil bought into Marcellus, the company paid around $ 5,800 per acre. In 2011 the company bought up at prices around $ 8,400 per acre.
– The sale represents a price of around $ 13,100 per acre. This transaction value our 29 percent stake in the southern part of the Marcellus to around two billion dollars. There are around 17 percent of the book value of the area in our accounts. This shows that the value of this part of our onshore portfolio in the US is rated as very good by the market, says Knight.
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