Chevron Acquires Acreage in Canada's Duvernay Shale Formation

HOUSTON (Dow Jones Newswires), Feb. 9, 2011

Chevron has recently acquired about 200,000 acres of land in the Duvernay shale gas formation in Alberta, Canada.

"This has established an important core land position for Chevron Canada in shale gas," said Kurt Glaubitz, a company spokesman. Chevron is planning to commence appraisal drilling during the second half of this year, he added.

The acquisition was first announced earlier Wednesday by Gary Luquette, Chevron president for North America exploration and production in a webcast presentation.

Chevron's move underscores the growing interest of major oil companies in the potential of unconventional oil and gas reserves in North America. Chevron said in November it agreed to acquire independent natural-gas producer Atlas Energy Inc. (ATLS) for $3.2 billion, joining its larger rival Exxon Mobil in the drive to exploit vast reserves of U.S. unconventional gas.

Copyright (c) 2011 Dow Jones & Company, Inc.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
Project Engineer
Expertise: Electrical Engineering|Instrument & Controls Engineer|Project Management
Location: Deer Park, TX
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours