Oil Companies Looking to the Shales
The Houston Chronicle is reporting on several large oil companies taking positions in natural gas shale basins. Regarding Shell, for example: "He [i.e., Marvin Odum, president of Houston-based Shell Oil Co.] now considers the holdings [in the Eagle Ford shale] a key piece of a North American gas portfolio the company has spent the last two years building, and that now encompasses 2.4 million acres of land and a resource holding of 21 trillion cubic feet of natural gas — 8 trillion cubic feet of which was added in 2009 alone." Interesting.
