Repsol, Statoil exchange assets

HOUSTON, December 11, 2015 – Energy independent Repsol has announced a plan to swap assets with Norwegian oil major Statoil, including its stakes in US shale, the Spanish company announced in a Friday statement.

Under the terms of the agreement, Repsol will exchange 13 percent of its stake in an Eagle Ford shale project in the US for Statoil’s 15-percent share in Norway’s Gudrun field. The deal will allow Statoil to add to its current stake in the Eagle Ford project, making it the sole operator with a 67 percent interest.

This deal endows Repsol with around $550 million in free cash flow until 2017, and allows it to maintain lower capital expenditure and have greater operational efficiency.

The financial details of the transaction have not been disclosed, but the swap has been valued at the same amount, according to Repsol’s statement.

For more information and features on Eagle Ford, click here.

For more news and features on Norway, click here.

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