StatoilHydro slates $3.38B for Chesapeake gas project

Nov 17, 2008 | 11:47 AM | Maria Guzzo

A Norwegian company is investing up to $3.38 billion in unconventional natural gas exploration opportunities.

StatoilHydro ASA, Stavanger, Norway, will acquire a 32.5-percent interest in Chesapeake Energy Corp.'s stake in the Marcellus shale gas acreage covering 1.8 million net acres in the Appalachian region of the United States.

StatoilHydro will pay a consideration of $1.25 billion in cash and a further $2.125 billion in the form of a 75-percent carry on drilling and completion of wells during 2009 to 2012. In order to earn this carry, Oklahoma City, Okla.-based Chesapeake is required to maintain a significant level of drilling activity.....

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