Asian and European energy producers are spending billions of dollars to amass stakes in oil and natural-gas discoveries from Ohio to British Columbia even as earthquakes and tainted water threaten to stall the biggest drilling boom (BAKEHORZ) in at least two decades.
Total SA (FP), Europe’s third-largest oil company, and China Petrochemical Corp. (600028), that nation’s second-biggest crude producer, committed $7 billion to U.S. and Canadian shale rock formations during the past two weeks. The investments are aimed at tapping the expertise of smaller explorers including Devon Energy Corp. (DVN) and Chesapeake Energy Corp. (CHK) that pioneered techniques employed to crack previously impervious shale....Please read more from:
