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Natural Gas Fracking Boom Turns Sour

Shell, which by energy output is now approaching 60% gas, has already backtracked and downsized its shale gas and oil programs…

By: Andrew_McKillop Mar 09, 2012 – 09:51 AM

Exxon, which by energy output is now 49% gas,  failed in its first two efforts to crack gas-rich shale fields in Poland…

Shell, which by energy output is now approaching 60% gas, has already backtracked and downsized its shale gas and oil programs. Initially intending to spend about $5 bn on drilling shale field this year, its CEO Marvin Odum now places spending at $3 billion to $5 billion, Odum adding: “We’re at the lower end of that right now because of where natural-gas prices are”.

CHEAP GAS AND FRACKING ARE NOT BEDMATES
Shell’s strategy is now moving towards only raising output in liquid-rich shale areas, producing “wet” gas, which can yield synthetic light crude oil or more gas-liquids such as propane. The Hague-based company, which is also active in China and Europe is likely to set a cap on shale gas E&P spending for 2012 unless natural gas prices rise in the US or exploration prospects in “wet” gas formations prove successful.

FULL ARTICLE

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