Statoil to Build Up U.S. Gas Position Along European Lines

Statoil ASA, Europe’s second-biggest gas exporter, is seeking to build up its presence in the Marcellus Shale formations in the eastern U.S. using the same strategy adopted at home, Chief Executive Helge Lund said.

In Europe, Statoil developed a portfolio of production assets, processing facilities, pipelines and storage capacity. Now its sights are focused on the natural-gas reserve underneath parts of New York, Pennsylvania and West Virginia.

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Source: BusinessWeek