Shell Highly Optimistic Over Permian Purchase: Energy Business Review
In September, Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) acquired some 618,000 acres in the Permian Basin from Chesapeake Energy Corporation (NYSE:CHK) for a price of $1.94 billion. The buyer now intends to add more drilling rigs to the site, according to its head of Americas operations, and anticipates ”years and years” of output from the oil and natural gas acreage. Shell, along with other worldwide energy firms like Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX), are following the current trend of purchasing oil and gas assets in North America so as to push output in a sector in which the most resources are found and are controlled by countries such as Russia and Brazil.
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