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UPDATE 1-Norway's Statoil to reduce stake in U.S. shale formation

2014-12-23 11:46:01| Oil & Gas - Topix.net

Statoil has sold part of its stake in a shale field in the northeast of the United States to Southwestern Energy for $394 million, the Norwegian energy firm said on Tuesday. Like its rivals, Statoil is stepping up efforts to sell assets and preserve cash as the industry faces a slump in the oil price, which has fallen by around a half since June.

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