Repsol and Statoil agree asset swap

Repsol announced last Friday it will sell 13% of its stake in the Eagle Ford Project in the United States to Norwegian partner Statoil.

The Spanish energy giant will sell its stake in the shale producing joint venture to acquire a 15% share in the Gudrun producing field in Norway from Statoil.

Both transactions are said to have the same value so it a matter of changing assets for Repsol and Statoil.

After the transaction Repsol wil maintain 37% of the Eagle Ford project. However, both companies have agreed Statoil will be in charge of the operations in the Texas project. The transactions are expected to be closed by the end of the year.