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Stavanger, Norway-based Statoil-Hydro (NYSE: STO) is an integrated oil and gas company that is Europe's second largest supplier of natural gas.
In November, 2008 it 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.
By November, 2009 it was reported that the joint venture with Chesapeake had drilled 49 Marcellus wells, and 32 were producing. The production amounted to 15,500 barrels of oil equivalent per day.
A late March, 2010 press release mentioned that Statoil had purchased another 9,000 acres of Chesapeake's Marcellus shale leasehold in Pennsylvania. The purchase price had been $253 million which amounted to $4,325 per acre. This increased Statoil's stake in its joint venture with Chesapeake to 42%.
- Helge Lund is Statoil's CEO
- Eldar Saetre is the company's CFO.
- Rune Bjornson is Executive Vice President for Natural Gas.
- Andy Winkle is Vice President of Onshore Gas.
- Peter Mellbye is Head of International Exploration and Production.
- Kjersti H. Torgersen is Vice President of Communications with StatoilHydro U.S.A.
- Mari Dotterud is a Statoil spokesperson.