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Statoil, W.Va. agree on deal for drilling under Ohio River

Ohio River

WHEELING, W.Va. — West Virginia and Statoil have agreed on a deal for natural gas and oil drilling under the Ohio River. The Intelligencer and Wheeling News-Register reports that Norway-based Statoil plans to drill on about 474 acres of state-owned land under the river in Marshall and Wetzel counties. Statoil has agreed to pay an average price of $8,732 per acre. ...

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Whiting to sell part of company, not whole

James Volker, chairman of the board and chief executive officer of Whiting Petroleum Corporation, speaks to guest and investors during an OGIS' conference for mid- and small-tier oil and gas companies in New York, April 7, 2014. REUTERS/Eduardo Munoz

Last week, Reuters published a report with mixed predictions for the future of Whiting Petroleum Corp.’s ownership; a Wall Street Journal article reported the company’s plans to sell, but an unnamed Whiting source seemed unaware of any such plans. Today, Investor’s Business Daily reports that the Denver-based company is seeking buyers for portions rather than ownership. According to the report, ...

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Oil market shrugs off worries about crude stocks: Kemp

John Kemp is a Reuters market analyst. The views expressed are his own. LONDON – Oil watchers have spent much of the last two months speculating about whether overproduction and the rapid accumulation of crude oil inventories in the United States would cause storage space to run out and trigger another fall in spot prices. Commercial crude stocks held at ...

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Statoil gives go ahead for $29 bln oil project

OSLO, Feb 13 – Norway’s Statoil is moving ahead with plans to develop a giant $29 billion oil field, Europe’s costliest offshore energy project, expecting to produce some of the world’s cheapest oil that will be profitable even after the recent price crash. Statoil said on Friday it would start the Johan Sverdrup field in the North Sea by 2019 ...

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Southwestern Energy repays loan for Marcellus land acquisition

Southwestern Energy Co. is issuing nearly 20.3 million shares of common stock and 26 million depositary shares in an effort to pay off a bridge loan that financed the company’s Marcellus Shale land purchase. The loan the company took out was a one year term loan for $4.5 billion.  It temporarily financed Southwestern Energy’s purchase agreement with Chesapeake Energy Corp. ...

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