Shale gas lures oil majors

China’s top three oil majors have tapped into the shale oil and gas area as part of their moves to develop green energy. CNOOC Ltd said on Tuesday it had completed a deal with Chesapeake Energy Corp to buy a stake in a shale oil and gas project in the United States.

Vanguard Natural Resources LLC said it will buy Denbury Resources Inc.’s stake in Encore Energy Partners LP for $380 million, giving Vanguard full ownership of Encore’s general partner. Encore, an oil and natural-gas producer with proven reserves equivalent to about 43.4 million barrels of oil, rose the most in four months.

Celtic Exploration Ltd. (CLT.T) has been bolstering its land position in west-central Alberta and is earmarking more than 50% of its planned C$180 million capital spending budget for 2011 for the area. The Calgary oil and gas producer said it began purchasing large land positions in 2009 at Resthaven, Lator and Karr, collectively known as the Resthaven area, and now holds a 100% stake in 280,820 acres in the area with Triassic Montney rights

Jude    Maritime News     Calgary oil and gas, Celtic Exploration Ltd., Chesapeake Energy Corp., Cnooc Ltd., Denbury Resources Inc., Eagle Ford Shale, Eric Hagen, green energy, Lator and Karr, Lazard Capital Markets, oil and natural gas, Oil majors, Resthaven, shale oil and gas, Triassic Montney pools, United States, Vanguard Natural Resources LLC.

If you enjoyed this article please consider sharing it!