Obama's Hunt for International Shales Plays
Energy and Capital's Weekend Edition
Welcome to the Energy and Capital Weekend Edition — our insights from the week in investing and links to our most-read Energy and Capital and sister publications.
He thinks the world doesn't have a clue, but he's wrong...
Shortly after Obama's attempt to appease the "Drill, baby, drill!" crowd by opening up offshore drilling along the Atlantic coastline and the Gulf of Mexico, he's now looking across the ocean to help their shale gas development.
This week, the Obama administration is looking at the shale resources of nearly a dozen other countries. If allowed, the USGS would head over to the respective country and assess for the country's shale gas potential.
Unfortunately, it appears that the Obama administration hasn't been paying attention lately. The rest of the world already knows what shale can do.
For starters, the fact that U.S. natural gas production is on the rise (one of the reasons that North American supply and demand is out of whack right now) is a good indicator.
And then there are the direct moves some countries are making...
French oil company Total SA is shelling out $2.25 billion for a 25% stake in Chesapeake Energy's Barnett shale operations. I don't think they could have picked a better company to work with — Chesapeake is developing shale assets across the United States.
But these deals are nothing new to my Energy and Capital readers. During the last several years, we've witnessed European oil and gas companies like BP and Statoil make similar deals. Even Eni S.p.A., an Italian oil and gas company, paid $280 million in 2008 for a share in Quicksilver Resources' Barnett Shale operations.
Whether or not the countries take Obama up on his offer remains to be seen. Either way his hunt ends, you can bet I'll find those shale gas stocks ahead of the curve.
Until then, I'll stick with what works for my readers and I — namely those undervalued oil and gas gems operating in the shale basins across the U.S.
Enjoy your weekend,
P.S. In case you missed any of the week's top-read articles from Energy and Capital and our sister publications, I've included them below:
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Making Hydraulic Fracturing Cleaner: Industry Insider Explains 'Green' Fracking Technology
Energy and Capital guest editor Keith Schaefer offers a closer look at why the hydraulic fracturing process isn't as bad as opponents say. Find out why this revolutionary technology is greener than you think.
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When was the last time you were concerned about your retirement savings? The sad fact is that most American citizens have no idea how close they are to losing their hard earned money — all at the hands of Congress. Read our latest report and learn how to protect your wealth.
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