StatoilHydro Buys Appalachian Shale Assets From Chesapeake

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Norwegian state-controlled StatoilHydro has reached an agreement to acquire a 32.5% stake in Chesapeake Energy's Marcellus Shale gas acreage for US$1.25bn. StatoilHydro will also invest an additional US$2.125bn to cover approximately 75% of drilling and development costs on the assets from 2009 to 2012.