LA SALLE COUNTY - Helge Lund, CEO of Norway's Statoil, likes to say his company is more than just a financial investor in shale gas fields in the U.S., and he made that abundantly clear one morning last week.
Up before dawn, the tall, soft-spoken Norwegian ate breakfast tacos and endured a long drive on bumpy dirt roads before arriving at a remote well site, about 100 miles south of San Antonio, where mesquite and prickly pear blanket the dusty landscape and deer, jackrabbits and rattlesnakes are the primary residents.
His mission was to get an up-close look at an operation in the Eagle Ford shale formation, where the company launched a joint venture last year, and he spent several hours in the sweltering South Texas sun doing just that.
"The key point for us is we do not look at this as a short-term investment," said Lund, 48, wearing thick red coveralls, steel-toe boots and a hard hat. Rather, he said, it is an important part of the company's future.
Last fall, Statoil announced it would pay $1.3 billion for properties in the Eagle Ford shale formation and team up with Canada's Talisman Energy to develop them. Two years earlier, the Norwegian oil giant paid roughly the same amount for a stake in Marcellus shale properties in the Northeast U.S. operated by Chesapeake Energy.
Source: Chron
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