by Peter Tertzakian
All the big boys are getting in on the shale gas action. ExxonMobil started the rush with its $US 27 billion purchase of XTO Energy a couple of months ago. Multinationals Total and Shell didn’t want to be left out and followed suit by claiming turf with their own acquisitions. Now the gas prospectors are coming from the other side of the world to the 21st century version of the North American Klondike; last week Reliance Industries, India’s largest public sector company, was said to be in talks with Atlas Energy, a leading player in the Marcellus shale.
... but the most noteworthy was the announcement last week that Consol Energy was buying Dominion Resource’s Appalachian exploration and production business... ...Consol is the most profitable publicly-traded coal company in the US with the second largest reserves of the carboniferous stuff.
What’s a coal company, the archenemy of all other purveyors of energy, doing buying up natural gas assets?Read more HERE.