Despite low natural gas prices, Chevron
looks intent on pushing into the natural gas market in the U.S. The company
plans to double its drilling in the Marcellus play this year while also drilling
a few exploration wells in the Utica play despite gas prices touching their
lowest point in a decade, making shale exploration less profitable. [1]
Chevron’s decision to press on with shale
exploration mirrors that of rival Exxon
Mobil, which has decided against production cuts. Companies like ConocoPhillips
on the other hand have announced that they would reduce spending on natural gas
resources in North America.
Forbes
No comments:
Post a Comment