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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
Posted on 10/11/2010 12:40:50 PM PDT by Ernest_at_the_Beach
South Texas region draws third big investment in a week
NEW YORK (MarketWatch) China National Offshore Oil Corp. and Norways 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.
Statoils share of the two transactions will cost $843 million.
Late Sunday, Cnooc Ltd. said itll pay $1.1 billion to Chesapeake Energy Corp.
or a third of the companys 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.
(Excerpt) Read more at marketwatch.com ...
TOPICS: Business/Economy; Canada; Foreign Affairs; News/Current Events; US: California; US: Texas
KEYWORDS: california; canada; chesapeakeenergy; china; cnooc; eaglepoint; enduringresourcesllc; energy; norway; statoil; talisman; texas; unocal
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To: Ernest_at_the_Beach
2
posted on
10/11/2010 12:43:24 PM PDT
by
dalebert
To: BOBTHENAILER; blam; SunkenCiv; SierraWasp; tubebender; Grampa Dave; Carry_Okie; Fred Nerks; onyx; ..
To: dalebert
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
To: All
To: Ernest_at_the_Beach; Allegra; Fiddlstix
6
posted on
10/11/2010 1:04:59 PM PDT
by
onyx
(If you support Sarah and want on her Ping List, let me know!)
To: onyx
7
posted on
10/11/2010 1:10:37 PM PDT
by
Fiddlstix
(Warning! This Is A Subliminal Tagline! Read it at your own risk!(Presented by TagLines R US))
To: Ernest_at_the_Beach; texasredhead8712; TexKat; TheOldLady; ValerieTexas; AdmSmith; ...
Thanks Ernest_at_the_Beach.
8
posted on
10/11/2010 1:16:31 PM PDT
by
SunkenCiv
(The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
To: thackney
Any info or input you may want to share with us?
9
posted on
10/11/2010 1:20:09 PM PDT
by
deport
(TEXAS -- Early Voting begins OCT. 18, 2010 (vote early and often)
To: thackney
10
posted on
10/11/2010 1:25:28 PM PDT
by
Army Air Corps
(Four fried chickens and a coke)
To: deport
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.
11
posted on
10/11/2010 1:27:33 PM PDT
by
deport
(TEXAS -- Early Voting begins OCT. 18, 2010 (vote early and often)
To: Ernest_at_the_Beach
Guess Texas won’t have to sell to the northern states any more. Better buy extra coats up there.
To: kittymyrib
They have a natural Gas shale too,...called the Marcellus Shale,...it is much bigger...see tha Map of the USA. above.
To: Ernest_at_the_Beach; SouthTexas; NYTexan
Kinda looks like y’all should learn to speak chinese...
14
posted on
10/11/2010 1:54:45 PM PDT
by
tubebender
(Life is short so drink the good wine first...)
To: Ernest_at_the_Beach; secondamendmentkid; re_nortex; Lorianne; Wage Slave; HushTX; ...
Ping!
If you want on, or off this S. Texas/Mexico ping list, please FReepMail me.
15
posted on
10/11/2010 2:16:52 PM PDT
by
SwinneySwitch
(Nemo me impune lacessit)
To: SwinneySwitch
Are you in the area where any drilling is occurring?
To: Ernest_at_the_Beach
We are, but have only the shallow rights mostly.
17
posted on
10/11/2010 2:46:25 PM PDT
by
SwinneySwitch
(Nemo me impune lacessit)
To: kittymyrib
Guess Texas wont 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.
18
posted on
10/11/2010 3:04:48 PM PDT
by
The Comedian
(Keep talking while I reload...)
To: The Comedian
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...)
To: tubebender
20
posted on
10/11/2010 3:31:43 PM PDT
by
SouthTexas
("Global Climate Disruption" = More bovine excrement)
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