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Norway's Statoil taking lead in Eagle Ford

July 1, 2013 at 7:36 AM   |   Comments

HOUSTON, July 1 (UPI) -- Norwegian energy company Statoil announced Monday it took over operations at parts of the Eagle Ford shale oil field in Texas.

Statoil said it took charge at parts spread over three counties in south-central Texas

Senior Vice President for onshore operations Torstein Hole said the move is part of a growing trend in the United States.

"We now have operational activities in all our onshore assets, Bakken, Marcellus and Eagle Ford," he said in a statement. "Our organization in Houston is eager to further develop our Eagle Ford holding as operator and we look forward to engaging with communities and landowners in the eastern part of our joint venture acreage."

Statoil entered Eagle Ford in a 2010 deal with Talisman Energy U.S.A. Inc. Both sides agreed last year on Statoil's phased leadership position. Talisman stays on as the operator of western parts of Eagle Ford.

The Norwegian company said its share of production from Eagle Ford stands at 20,000 barrels of oil per day from around 300 wells in production.

The U.S. Energy Department estimates Eagle Ford may hold as much as 10 billion barrels of oil.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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