Statoil sells non-operated interests in West Virginia to Antero Resources

Statoil has completed the previously announced sale of its non-operated interests in West Virginia, US, to Antero Resources in a transaction valued at $96m.

As part of the transaction, the company sold approximately 11,500 net acres with an average working interest of about 19% across Wetzel, Tyler and Doddridge counties.

Statoil said in the Marcellus it will retain its operated properties Ohio, US, and around 350,000 net acre non-operated position.

On 9 June this year, Antero acquired Southwestern Energy Company’s stake in the same assets.

Both Statoil and Antero have agreed on a price that was equivalent to that agreed between Southwestern and Antero.

The sale will increase Statoil financial flexibility and allows capital to be focused on core activities.

Statoil agreed in December 2014 to reduce its working interest in its non-operated southern Marcellus asset from 29% to 23% in a deal valued at $394m with Southwestern Energy.

The company also divested its operated properties in West Virginia to EQT in May this year for $407m.

Statoil US development and production executive vice-president Torgrim Reitan said previously that the US business is one of the focus areas in the company’s international strategy.

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Image: Statoil retains its operated properties in the Marcellus. Photo: courtesy of Ole Jørgen Bratland.