09 November 2010 13:53 [Source: ICIS news]
TORONTO (ICIS)--Chevron has agreed to acquire ?xml:namespace>
"We are acquiring a company that has one of the premier acreage positions in the prolific Marcellus,” said Chevron vice chairman George Kirkland.
“The high quality resource, competitive cost structure in the Marcellus, strong growth potential of the asset base and its proximity to premier natural gas markets make this targeted acquisition a compelling investment for Chevron," he said.
"The Atlas Energy assets further advance Chevron's global shale gas position, complementing the company's recent entrance into shale gas opportunities in
Overall, Chevron would gain Atlas Energy's 9 trillion cubic feet of natural gas resources, which include approximately 850bn cubic feet of proved natural gas reserves with approximately 80m cubic feet of daily natural gas production, it said.
The acquisition was subject to “certain Atlas Energy restructuring transactions,” approval by Atlas' shareholders and regulatory clearance, Chevron said.
($1 = €0.72)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections