Chevron beds down in Marcellus
Supermajor U-turn boosts shale-gas portfolio
THE US’ Chevron is pushing ahead with its plan to take substantial positions in global shale plays, buying 228,000 acres in the Marcellus play from Chief Oil & Gas and Tug Hill. The supermajor declined to give financial details of the deal, saying only that it will close by the end of the second quarter. Previous deals in the Marcellus – one of the hottest shale plays in North America – have been completed at around $14,000 per acre, according to Reuters. The acreage, most of which is in southern Pennsylvania, will add an estimated 5 trillion cubic feet (CF) of natural gas to Chevron’s reserves cache. Company vice-chairman George Kirkland said: “This opportunity is aligned with our strat
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