Articles Tagged "NYSE:EOG"

Chevron Buys Out Encana and EOG, Takes Lead in Kitimat Project

The Globe and Mail reported that Chevron Corp. (NYSE:CVX) has agreed to take 50-percent ownership of Kitimat LNG by buying the minority positions held by Encana Corp. (TSX:ECA,NYSE:ECA) and EOG Resources Inc. (NYSE:EOG). The move places Chevron at the helm of the project and brings it closer to becoming a reality.

China Continuing to Obtain Gas Resources

The recent deal represents the biggest investment to date by a Chinese company in the North American energy sector, appearing to balance demand to develop gas fields at a time when low commodity prices are not providing companies with enough cash flow efficiently. The agreement could underscore greater exposure for resource companies to eventually export shipments to offshore markets.

Montana and North Dakota Oil Exploration and Production

In 1951 a significant oil discovery was made on the Bakken Formation, which is a very old geological deposit occupying about 520,000 square km of the subsurface of the Williston Basin, covering parts of Montana, North Dakota, and Saskatchewan. An April 2008 USGS report estimated the amount of technically recoverable oil within the Bakken Formation at 3.0 to 4.3 billion barrels.