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OKLAHOMA CITY (AP) - Chesapeake Energy has closed a $3.37 billion sale on rights to the massive Marcellus Shale natural gas deposits in Appalachian region, the company said Tuesday.
The nation's largest natural gas producer announced two weeks ago it would sell a 32.5 percent interest to Norwegian energy company Statoil Hydro, while maintaining a working interest of 67.5 percent.
While Chesapeake has recently been forced to tamp down takeover rumors as energy prices spiral downward, the Statoil deal may pave the way for the company to expand overseas, where the advanced drilling techniques used in the U.S. are not as developed.
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