Statoil to Buy Brigham for $4.4 Billion |
| Wall Street Journal - Oct 17, 2011 |
Statoil ASA said Monday it plans to buy Texas-based Brigham Exploration Co. in a $4.4 billion deal to strengthen the Norwegian oil and natural-gas company's position in unconventional resources within the U.S.
The move is a sign big oil companies are optimistic about North America's oil renaissance, despite economic turmoil and a recent drop in oil prices.
Statoil said the deal, giving it access to tight-oil acreage in the U.S., is in line with its other investments in unconventional resources, which it expects to play an increasingly important role in global energy supply.
Tight oil reservoirs are developed using methods similar to those applied to another unconventional resource, natural gas drilled from shale-rock formations. Commercial tight-oil extraction is a relatively new activity and has increased significantly in the last couple of years, Statoil said. The Norwegian company is already present in unconventional resources in the U.S. at the Marcellus and Eagle Ford shale-gas fields.
Read Full Article from Wall Street Journal
- Posted: 2011-10-17 14:07:29
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
