- Statoil (STO +1.4%) is striving to become a global energy company, but a top exploration executive says its hunt for shale opportunities to match the quality of its U.S. assets has been a disappointment so far.
- Its joint venture with Rosneft (OTCPK:RNFTF) looks promising, with China, Argentina and Colombia also boasting high quality basins, but the U.S. maintains a major advantage thanks to the quality of its acreage, a legal system under which landowners own the mineral rights, and political and regulatory support for new projects.