11 February 2009 19:10 [Source: ICIS news]
HOUSTON (ICIS news)--Only a handful of US natural gas producers will reap the benefits of the four major US natural gas shale areas that are under development, Chesapeake Energy’s CEO Aubrey McClendon said on Wednesday
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“This will define who will be the winners in this industry,” he said at a weeklong conference put on by the Cambridge Energy Research Associates dedicated to oil and gas known as CERA week.
Natural gas is an important raw material for the US chemical industry.
Development of the four shales - Barnett in the Dallas-Forth Worth, Texas area; Fayetteville in Arkansas; Haynesville in Louisiana and east Texas; and Marcellus in the northeast US - has begun within the last decade.
Every US company had the same type of reserve base five years ago but the shales will change the dynamic as costs for mining the new fields go down and output rises, McClendon said.
The cost curve for the
“That’s what will define natural gas prices in the
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