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Statoil linked with giant US shale acquisitions

Oslo: Norwegian energy giant Statoil is making the most of depressed prices for US shale-related firms, linked with at least two mega acquisitions. The Houston Business Journal has reported Statoil is negotiating a $50bn-plus takeover of EOG Resources, a Houston-based shale gas producer. Neither Statoil or EOG Resources commented on the speculation.

Statoil has also been linked with taking over Denver-based Whiting Petroleum Corp. Statoil is one of at least four parties interested in taking over the shale oil company, with bids expected this week. Other interested parties include Exxon Mobil, Continental Resources and Hess Corp, Bloomberg reported.

Whiting is the largest producer in North Dakota’s Bakken shale formation. None of the companies mentioned commented on the takeover speculation.

Statoil has not enjoyed a totally successful time when investing in US assets to date, leading to some analysts doubting the press speculation about further acquisitions.

Analyst John Olaisen from ABG Sundal Collier told Dagens Naeringsliv newspaper that he would be very surprised if Statoil was pursuing these buyouts. He reckoned the company had been burned on previous acquisitions, suffering writedowns to the tune of billions of Norwegian kroner.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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