From Desmoblog.com, a new one on Eleblog:
Major oil and gas company Chevron tried drilling the Monterey and didn’t like what it found.
“Based on our drilling results, our view is that the oil has migrated out of the formation and is now found in pockets outside of the Monterey shale,” said Kurt Glaubitz, a spokesman for San Ramon, California-based Chevron Corp. (CVX), the second-biggest U.S. oil producer. “We don’t believe it’s going to compete for our investment.”
Major oil and gas companies have a reputation for getting burnt by shale plays. Shell’s retiring CEO Peter Voser told the Financial Times earlier this month that investing $24 billion into North American unconventional oil and gas was one of the biggest regrets of his career. “Unconventionals did not exactly play out as planned,” Mr Voser said, referring partly to a $2.1 billion write-down Shell took in August related to difficulties turning a profit from shale wells.
Headline on the piece: Could California’s Shale Oil Boom Be Just a Mirage?
Source: http://electricalcontractor.com/?p=12021
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