Bloomberg: Statoil Seeking Shale Oil Opportunities in Australia, China

Statoil ASA, Norway’s largest oil and gas producer, is searching for a second shale partner in Australia following a deal with Canada’s PetroFrontier Corp. and is also considering acquisitions of explorers.

“We are actively looking for new opportunities in Australia,” Atle Rettedal, Statoil’s senior vice president for new ventures, said in an interview in the Northern Territory capital of Darwin, where he attended an industry conference. Statoil also is interested in shale opportunities in countries including Argentina and China, Rettedal said.

Statoil, ConocoPhillips, Hess Corp., BG Group Plc and Mitsubishi Corp. have agreed to fund shale exploration campaigns through partnerships in Australia. Statoil in June agreed to invest as much as $200 million in a drilling program in the Northern Territory’s Southern Georgina Basin with PetroFrontier.  MORE