22 February 2011 13:50 [Source: ICIS news]
TORONTO (ICIS)--BHP Billiton has agreed to acquire Chesapeake Energy’s interests in the Fayetteville shale gas project in Arkansas for $4.75bn (€3.52bn), marking its entry into the US shale gas business, the Anglo-Australian mining and energy major said on Tuesday.
“The operated position we are obtaining will immediately make BHP Billiton a major North American shale gas producer,” said Michael Yeager, CEO of the company's petroleum business.
The rise of shale gas, and its associated natural gas liquids, has made the US a more attractive location for chemical production.
($1 = €0.74)
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