9:18 AM
By Gwladys Fouche
OSLO | Sun Oct 10, 2010 11:24am EDT
OSLO (Reuters) - Norwegian oil firm Statoil is expanding further its shale gas operations in the United States, saying on Sunday it has created a joint venture with Canada's Talisman to acquire acreage on the Eagle Ford prospect in Texas for $1.325 billion.
Statoil said the deal, its second major shale gas acquisition in North America, would give it recoverable reserves of about 550 million barrels of oil equivalent.
In 2008 Statoil acquired a 32.5 percent stake in the Marcellus Shale project from Chesapeake.
"The magnitude of the shale resources in North America and the significant role these resources are expected to play in the future energy mix make this an attractive opportunity," said, John Knight, Statoil's senior vice-president for business development and global unconventional gas, in a statement.
Statoil said it and Talisman were jointly buying 97,000 acres of land in southwest Texas from Denver-based Enduring Resources for $1.325 billion and have formed a 50/50 joint venture to develop these assets.
"The purchase price equates to about US$10,900 per acre," it said in a statement.
The Norwegian firm will also buy half of Talisman's existing assets in the Eagle Ford play for $180 million.
"As a result, Statoil and Talisman will together hold 134,000 net Eagle Ford acres and associated assets and production in the joint venture," it said.
The two transactions amount to a total consideration for Statoil of $843 million, Statoil said.
(Editing by Greg Mahlich)
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