statoil asa-spon adr (DNQA) Snapshot

Owners of prospective U.K. shale acreage has spurned interest from four internation gas companies in favor of a deal with Centrica plc (LSE:CNA), , a person familiar with the matter said. The companies includes Statoil ASA (OB:STL), Exxon Mobil Corporation (NYSE:XOM), Royal Dutch Shell plc (LSE:RDSA) and Total SA (ENXTPA:FP), people added. Michael Fallon, U.K. Energy Minister, said that Centrica would invest up to £100 million in the Bowland shale formation, initially acquiring a 25% interest for £40 million from Cuadrilla Resources Ltd. and AJ Lucas Group Limited (ASX:AJL).

Statoil ASA in a meeting in the Corporate Assembly on June 11, 2013 announced that Catherine Hughes and James J. Mulva were elected as new shareholder representatives to the board. Board members Roy Franklin and Lady Barbara Judge have notified the nomination committee that they do not wish to stand for re- election to the board of directors. Catherine Hughes has an extensive career within the oil and gas industry. From 2009 to 2013 she worked for Nexen, located in Alberta, Canada, first as vice president (VP) operational services, technology and HR and from 2012 as executive vice president responsible for all activities outside Canada. James J. Mulva is a US citizen. He was president and CEO of Houston-based ConocoPhillips from 2002 until retirement in 2012. From 2004 to 2012 he also served as chairman of the board. The election enters into effect from 1 July 2013.

Statoil ASA production for the second half of 2013 is estimated to be negatively impacted by around 40,000 barrels of oil equivalent per day.