November 20, 2018 / 9:25 AM / 23 days ago

U.S. Permian, Norwegian shelf oil, gas assets too expensive -Equinor

OSLO, Nov 20 (Reuters) - Oil and gas assets in the Permian basin, the centre of the U.S. shale industry, and on the Norwegian continental shelf are becoming too expensive, an executive of Norway’s Equinor said on Tuesday.

Despite rising oil prices in recent years, which made assets more expensive, the company still sees opportunities to make good deals, Chief Financial Officer Lars Christian Bacher told Reuters on a sidelines of an Equinor conference.

“I don’t want to reveal where those places are, but the Norwegian continental shelf is a hotspot, meaning that it’s expensive, and Permian is expensive too, so we are not likely to do much (there),” he said. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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