BHP Billiton entering Fayetteville Shale Play.
The transaction, which includes Chesapeake's interests in 487,000 net acres of leasehold and producing natural gas properties, marks BHP Billiton's first entry into the U.S. shale gas business. The transaction also includes existing net production of about 415 million cubic feet of natural gas equivalent per day and midstream assets with approximately 420 miles of pipeline.
"The Fayetteville Shale is a world-class onshore natural gas resource," J. Micheal Yeager, chief executive of BHP Billiton Petroleum, a division of BHP Billiton Limited, said in a news release. "The operated position we are obtaining will immediately make BHP Billiton a major North American shale gas producer."
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|Title Annotation:||Inside Business|
|Date:||Feb 28, 2011|
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