International
companies followed up 2009 activities by continuing to enter into US shale gas
JVs and providing US operators much needed capital to develop their assets. The
US is attractive to internationals because of its fiscal regime, large shale
gas reserve potential and technological opportunities. The
international firm’s large balance sheets, low costs of capital and long term
view allow them to “pay up for US opportunities”. The
same could be said for traditional majors who also made aggressive moves into
US shales
in 2010 through corporate acquisitions like
East Resources (Shell) and Atlas (Chevron). To
fund new shale opportunities the majors also sold non-core assets.
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