Statoil has announced that it has reached an agreement to divest its operated properties in West Virginia, US, to EQT Corp. for US$407 million in cash.

This divestment of non-core assets comprises approximately 62 500 net acres. Equity production from the properties in 1Q16 was approximately 9300 boe/d.

Statoil said that it retains its operated properties in Ohio, US, and its non-operated Marcellus positions.

The transaction is expected to close in July 2016, subject to certain conditions being met.


Edited from press release by