Reuters is featuring a report today on the transition occurring among major petroleum producers as they prioritize liquid petroleum due to the huge surplus of dry gas. Among the highlights...
Marathon Oil expects to increase oil and gas production by at least 3 percent per year, despite recent setbacks in its Gulf of Mexico activities, thanks largely to major investments in unconventional U.S. shale plays including the Bakken formation where the company controls around 580,000 acres.
Hess Corp plans to invest $1 billion a year over five years in the Bakken play in North Dakota with the goal of increasing production to 20,000 barrels per day (bpd) in the play by the end of the year, up from the current rate of 18,000 bpd. Hess also announced in July it would acquire American Oil and Gas and its 85,000 acres in Bakken
Chesapeake Energy has announced it will reduce its proportion of gas production from 90 percent last year to 35 percent by 2012 and increase liquids output by 380 percent during the same period.
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