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

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News & Politics

Tags:

• oil majors
• shale oil and gas
• green energy
• CNOOC Ltd.
• Chesapeake Energy Corp.
• United States
• oil and natural gas
• Eagle Ford Shale
• Denbury Resources Inc.
• Eric Hagen
• Lazard Capital Markets
• Celtic Exploration Ltd.
• Calgary oil and gas
• Resthaven
• Lator and Karr
• Triassic Montney pools