ExxonMobil has clearly signalled its intent to develop a global shale gas business with the acquisition of XTO Energy, the Texas-based 'unconventional' gas producer.
The deal, which cost some $41bn, gives ExxonMobil a strong global position in the fast growing shale gas market, with assets throughout the world.
Shale gas extraction has become increasingly attractive as extraction techniques have improved and costs have fallen. Estimates of the potential gas supply are being revised steadily upwards as new reserves are located. The involvement of the majors such as ExxonMobil will further increase the amount of new exploration and production. It is unlikely that the 'unconventional' tag will last much longer.
Posts
No comments:
Post a Comment