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Statoil May Seek Own Shale Gas Projects, Expansion in China

Statoil ASA may take the lead on shale gas projects and is considering investments in China to tap demand in the world’s fastest growing major economy, Chief Executive Officer Helge Lund said.

Norway’s largest oil and gas company in 2008 bought a stake in U.S. gas shale areas from Chesapeake Energy Corp., which it added to this year, and it now has people working with the U.S. company to gain knowledge of how to extract the fuel. Resources are also in place in China for a potential expansion there, Lund said today in an interview in Stavanger, Norway.