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EOG Resources CEO:Sees Oil Output From Shale As 'Game Changer' PrintReprintsCommentRecommend (0) Bookmark and Share 4-7-10 10:01 AM EDT | E-mail Article HOUSTON -(Dow Jones)- EOG Resources Inc. (EOG) Chief Executive Mark Papa said that oil output from rock formations known as shales will change the face of oil production in the U.S. The Houston-based energy company plans to spend $5.1 billion in capital this year to pursue oil and natural gas liquids in places like the Eagle Ford Shale, a hydrocarbon-rich rock formation in South Texas. EOG Resources has acquired 505,000 acres with estimated reserves of 900 million barrels of crude oil equivalent. Oil from shale rock formations will be a "North American industry game changer," Papa said during a meeting with investors on Wednesday, adding that the Eagle Ford is one of the largest discoveries in the U.S. of the last 40 years. -By Jason Womack, Dow Jones Newswires; 713-547-9201; jason.womack@dowjones.com HOUSTON -(Dow Jones)- EOG Resources Inc. (EOG) chief executive Mark Papa said the company may seek out a partner to develop its natural gas assets as the company shifts its focus to finding oil. Although the Houston-based energy company is shifting its focus to oil, it still has assets in prolific onshore natural gas fields such as Texas' Barnett Shale, the Haynesville Shale in Texas and Louisiana, and the Marcellus Shale in Pennsylvania and other states. "We are not going to be focusing on North American gas growth," Papa said during a meeting with analysts, adding the company may look for a joint venture partner to develop its assets, "but there are no immediate plans to do so." EOG plans to spend $5.1 billion in capital this year to pursue oil and natural gas liquids in places like the Eagle Ford Shale, a hydrocarbon-rich rock formation in South Texas. EOG Resources has acquired 505,000 acres with estimated reserves of 900 million barrels of crude oil equivalent. The company plans to use the drilling techniques it pioneered in places like the Barnett Shale to unlock oil reserves in the Eagle Ford. Energy companies have learned to drill horizontally through these dense rock formations and break them apart, releasing the hydrocarbons trapped within. Papa said the company will continue to seek out rock formations that have the potential for oil production and the company is "not satisfied" with its current oil asset portfolio. "The vast majority of our investments will be going to oil or liquids projects," Papa said. -By Jason Womack, Dow Jones Newswires; 713-547-9201; jason.womack@ dowjones.com |
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| aus der Diskussion: | EOG Resources - unconventional Gas Producer |
| Autor (Datum des Eintrages): | R-BgO (08.04.10 10:41:23) |
| Beitrag: | 7 von 12 (ID:39293014) |
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