Chesapeake, Statoil Form Gas Venture

Chesapeake is the largest producer of natural gas in the U.S., while StatoilHydro is the second-largest natural gas supplier to Europe. As part of the agreement, the two companies will form a strategic alliance. The closing on both the transaction and alliance should occur by the end of this year, officials from the two companies said.

"We are honored to establish a business relationship with StatoilHydro and are excited about the mutually beneficial nature of our transaction with them," Chesapeake CEO Aubrey McClendon said.

"We believe this transaction creates substantial value for both companies and unique opportunities for international growth with one of the leading international oil and gas companies. Jointly we can export our world class unconventional natural gas technology for further long-term growth."

In recent months, Chesapeake also sold a 20% working interest in its assets in the Haynesville Shale in north Louisiana and east Texas to Plains Exploration and Production Co. for $3.3 billion and a 25% working interest in its assets in the Fayetteville Shale assets to BP America for $1.9 billion.