Marathon Oil plans $4.8 billion in capital spending for 2012, a 24 percent increase from its 2011 capital budget, the company said Wednesday. About one-third of the spending will target operations in the Eagle Ford Shale, the Houston-based company said. Marathon Oil plans to increase its presence in the South Texas shale play, increasing the number [...]
Speaking on US shale gas development at Shale Gas Eastern Europe 2011 in Warsaw, Poland, Daniel G. Rathan, Director A&D at Tudor Pickering Holt & Co. remarked, “The growth in this sector of the industry is just incredible. The Barnett shale had production in the early 90s, but the explosion of production happened in 2006 [...]
Chesapeake Energy Corporation and CNOOC Limited have announced an agreement
whereby, a wholly-owned subsidiary of CNOOC
Limited, will purchase 33.3% undivided interest in Chesapeake’s 800,000
net oil and natural gas leasehold acres in the Denver-Julesburg (DJ) and
Powder River Basins in northeast Colorado and southeast Wyoming. The
consideration for the transaction will be $570 million [...]
In mid-November, Chesapeake Energy sold a one-third interest in 0.6m net leasehold acres in South Texas’s Eagle Ford Shale to CNOOC in a transaction amounting to more than $2.16bn. This gives China a foothold in onshore US shale in what is currently the largest Chinese purchase of United States energy assets in history. Oklahoma City [...]
Obama’s State Department is pitching the new hydrofraking technology worldwide, and Halliburton is delighted. Over the past two years, a controversial new drilling technique has unlocked massive reserves of U.S. natural gas, transforming the prospects for domestic energy production. The State Department has begun promoting the technology abroad, saying that if it were adopted in [...]
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As the U.S. shale gas revolution enters its third year, companies are making big bets to try to recreate that success with the billions of barrels of oil locked in the sedimentary rock even though geologists doubt the actual production potential. New technology has enabled companies to extract gas from previously uneconomic shale plays, triggering [...]
