Statoil May Consider Canadian Liquified Natural Gas Business
By Jeremy van Loon
Statoil ASA (STL), Norway’s biggest oil and natural gas producer, may consider a liquified natural gas exporting business for its Canadian operations.
“If there is a business opportunity and it is the right timing then I think we’ll go for it,” Stale Tungesvik, president of Canadian operations, said in an interview in Calgary yesterday. “We have a rather active M&A group looking at things. Timing is the key word. We are looking for things continuously.”
Statoil would be up against larger competitors like Royal Dutch Shell Plc (RDSA) and Exxon Mobil Corp. that have proposed LNG operations in Western Canada. Companies in Canada, the third- largest gas producer, are seeking to export to new markets as North American output climbs and prices trade near 10-year lows.
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