Oil Majors Move To Shale Gas
A new article in this month’s edition of The Economist details how global oil giants have, over the last several years, been rushing to join the booming shale industry.
From Shell to Total, from BP to Chesapeake and ExxonMobil, nearly every major oil company has been making mergers and acquisitions to become players in the shale gas game.
Coupling the advancement of hydraulic fracturing technology with the seemingly abundant resources in plays like Marcellus, Haynesville and Eagle Ford, shale gas is not only revolutionizing the oil and gas industry in America, but is also making an impact around the world.
Shale gas was cited by Russian gas monopoly Gazprom, for example, as a reason for shutting down one of their major projects in the Shtokman oil fields.
Moreover, the rush to shale gas is a rush towards a more renewable energy source and a more environmentally friendly option, says The Economist.
“The majors’ dash for gas is a bet on demand and climate-change policy,” the article states. “Efforts by the world’s governments to cut carbon emissions have stalled, but the oil majors are voting with their drill bits. The future, they believe, will be less oily and a lot gassier.”
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Posted by admin
on July 19th, 2010. Filed under Eagle Ford Shale, Environment, Haynesville Shale, Marcellus Shale, Shale Basins, Shale Gas.
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