Norway’s Statoil completed the transaction agreed with EQT Corporation for the sale of its non-core operated Marcellus assets in the US state of West Virginia.
Under the transaction valued at US$407 million, EQT will acquire 62,500 net acres, and current natural gas production of 50 MMcfe per day from Statoil USA Onshore Properties, a unit of Statoil.
Statoil said on Monday the deal covering about 62,500 net acres was closed on July 8.
EQT said in May, that primarily located in Wetzel, Tyler, and Harrison Counties of West Virginia, the acquisition adds a “sizeable amount of acreage” within EQT’s core development area.
Assets include 31 Marcellus wells, 24 of which are currently producing – three complete, not online and four drilled, not complete. The resource potential of the acreage is estimated at 9.2 Tcf; and 87% of the acreage is either held by production or has lease expiration terms that extend beyond 2018.
Equity production from the properties in the first quarter 2016 was at around 9,300 boe per day.
Statoil added it retains its operated properties in the US state of Ohio and its non-operated Marcellus positions.
LNG World News Staff