STAVANGER, Norway, March 26 (UPI) -- Norwegian energy giant Statoil announced Friday that it signed a deal with Chesapeake Energy to add 59,000 acres to its Marcellus Shale gas portfolio.
Statoil paid an average price of $4,325 per acre in the shale gas play in the Appalachian basin. The companies in 2008 signed an agreement for period acquisitions of Marcellus Shale acreage.