Statoil-Hydro

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Stavanger, Norway-based Statoil-Hydro (NYSE: STO), an integrated oil and gas company, in November, 2008 purchased 32.5% of Chesapeake Energy's 1.8 million net acre Marcellus shale leasehold for $3.375 billion. The two companies have entered into a joint venture wherein they will jointly explore the Marcellus drilling rights purchased by Statoil-Hydro in the deal.

According to a June, 2009 report StatoilHydro and Chesapeake had drilled seven wells together during the first half of 2009, slightly fewer than expected according to a StatoilHydro spokesman.

  • Helge Lund is Statoil's CEO
  • Eldar Saetre is the company's CFO.
  • Andy Winkle is Vice President of Onshore Gas.
  • Peter Mellbye is Head of International Exploration and Production.
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