Attendees at an afternoon session during the Summer NAPE Business Conference were led on a U.S. onshore journey by Statoil, followed by a review of the post-Macondo Gulf of Mexico scene by Houston Energy Inc., and a tour of the arbitrage opportunities benefiting the U.S. downstream sector by Purvin & Gertz.

Statoil vice president Stephen Bull recapped the Norwegian producer’s entry into U.S. shale plays, noting the company now holds over 1 million acres in the Marcellus, Eagle Ford and—following its Brigham Exploration acquisition—the Bakken shale. With 16 rigs running ...