Ernest Scheyder and Joshua Schneyer Reuters: 10:46 a.m. CST, November 29, 2012
NEW YORK (Reuters) – Royal Dutch Shell expects “years and years” of production from oil and natural gas acreage it recently bought from Chesapeake Energy Corp and plans to add more drilling rigs, the head of Shell’s Americas operations said on Thursday.
Shell paid $1.94 billion last September for 618,000 acres in the Permian Basin, a vast oil and natural gas source in western Texas.
Shell and other global energy companies, including Exxon Mobil Corp and Chevron Corp , are buying more oil and gas assets in North America to boost production in a sector where most resources are located and tightly controlled by countries like Brazil and Russia.