Cnooc, Statoil wade into Eagle Ford shale ( NG and Oil--China and Norway Companies in Texas)

MarketWatch ^ | Oct. 11, 2010, 10:16 a.m. EDT | Steve Gelsi, MarketWatch

[Ernest_at_the_Beach]

South Texas region draws third big investment in a week

NEW YORK (MarketWatch) — China National Offshore Oil Corp. and Norway’s Statoil ASA announced separate deals, both valued at more than $2 billion, to develop the Eagle Ford shale in south Texas.

Statoil said Monday it would team up with Canada-based Talisman Energy Inc. to buy acreage in the Eagle Ford shale.

Statoil and Talisman formed a joint venture to purchase assets from Enduring Resources LLC for $1.33 billion. Statoil will also pay $180 million for additional acreage.

Statoil’s share of the two transactions will cost $843 million.

Late Sunday, Cnooc Ltd. said it’ll pay $1.1 billion to Chesapeake Energy Corp.

or a third of the company’s south Texas shale resources, plus finance another $1 billion in drilling costs.

Shares of Chesapeake Energy rose 3.4% to $23.83. Cnooc rose 2.7% to $215.36. Statoil shares fell 0.9% to $21.82. Talisman rose 0.7% to $18.04.

The deal comes five years after Cnooc tried unsuccessfully to buy Unocal for $19 billion, its bid for the California company drawing fierce political resistance in Washington.

Since then, U.S. purchases have been fewer in number, with China firms spending money on stakes in projects, rather than full-blown acquisitions.

The deal also marks the third transaction in the Eagle Ford shale region of south Texas in less than a week.

[dalebert]

ping

[Ernest_at_the_Beach]

Now for the info on just where this is....

Eagle Ford Shale Play

[Ernest_at_the_Beach]

More...see link just above:

********************EXCERPT***************************

EOG Resources has leased over 500,000 acres, much of it in the so called "oil window" of the Eagle Ford shale. They estimate that there are over 900,000 barrels of recoverable oil in that area.  EOG's chief executive officer has called it one of the most significant oil discoveries in the past forty years.

The Following map shows other gas shales in the United States. The Eagle Ford Shale is not even on the map but it well be big news in the coming months. When natural gas prices rise exploration will increase even more.

See the The Eagle Ford Shale Blog for updated info on happenings this major oil and gas play as well as the latest maps of the Eagle Ford shale.

For information on the massive Marcellus shale see: Marcellus Shale Information, Map.  

For information on the New Albany shale see: The New Albany Shale. Map and Info

For more about the Bakken shale see: The Bakken Shale. Maps and Info   More Texas Geology Maps

United States Shale Gas Maps

[Ernest_at_the_Beach]

Another try on link to PDF for US Shale Gas Info :

US Shale Gas Brief

[onyx]

Interesting!!!!

[Fiddlstix]

Yes it is!

[SunkenCiv]

Thanks Ernest_at_the_Beach.

[deport]

Any info or input you may want to share with us?

[Army Air Corps]

Ping.

[deport]

Eagle Ford Shale Geology

The Eagle Ford Shale is a geological formation directly beneath the Austin Chalk Shale. It is considered to be the “source rock”, or the original source of hydrocarbons that are contained in the Austin Chalk and the Edwards formation above it. The Eagle Ford Shale is found at depths between 4,000 and 12,000 feet. The shale is up to 250 feet thick in some places, generally without natural fracturing present. Most of the production occurs at the convergence of the Stuart City Reef trend and the Sligo Reef Trend.

[kittymyrib]

Guess Texas won’t have to sell to the northern states any more. Better buy extra coats up there.

[Ernest_at_the_Beach]

They have a natural Gas shale too,...called the Marcellus Shale,...it is much bigger...see tha Map of the USA. above.

[tubebender]

Kinda looks like y’all should learn to speak chinese...

[SwinneySwitch]

Ping!

If you want on, or off this S. Texas/Mexico ping list, please FReepMail me.

[Ernest_at_the_Beach]

Are you in the area where any drilling is occurring?

[SwinneySwitch]

We are, but have only the shallow rights mostly.

[The Comedian]

Guess Texas won’t have to sell to the northern states any more. Better buy extra coats up there.

You got that right, pard.

Except for Montana and Wyoming. We like them.

The rest of y'all best store up wood or whatever it is Yankees burn to cook their scones and tea.

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[Billthedrill]

The rest of y'all best store up wood or whatever it is Yankees burn to cook their scones and tea.

Atlanta?

(Running for cover...)

[SouthTexas]

Ah sooo...