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Wed Jan 11, 2012, 02:38 PM

That 100 years of Oil they claim America has will go overseas

All the drill baby drill and fracking the oil companies are doing, taking all the puclic lands, state parks and such so they can drill for oil and ship it over seas.

Read this artilce describing the deals being made with oil companies in America by foreign companies.

Sinopec and Total Continue Shale Gas Buying Spree
Deal-making in the shale gas sector, one of the hottest last year, is off to a strong start in 2012, with two foreign companies buying big stakes in operations in the United States.

The French oil giant Total announced plans on Monday to buy a piece of the Chesapeake Energy Corporationís shale operation in Ohio for $2.32 billion. Hours later on Tuesday, Sinopec International Petroleum Exploration and Production agreed to buy a 30 percent stake in five Devon Energy shale operations for about $2.2 billion.

Under the terms of Chesapeake joint venture, Total will take a 25 percent interest in a 619,000-acre parcel of the Utica Shale in eastern Ohio. The deal is Totalís second partnership with Chesapeake, the most active natural gas driller in the United States.

<snip>

Sinopec will pay Devon $900 million in cash and up to $1.2 billion in future drilling costs in exchange for a one-third interest in five shale operations, including in the Utica Shale, as well as for petroleum deposits in Louisiana, Oklahoma, Michigan, Colorado and Wyoming. Through the end of the year, Devon said it expected to drill 125 wells in the five locations.

ďThis arrangement improves Devonís capital efficiency by recovering our land and drilling costs to date and by significantly reducing our future capital commitments,Ē John Richels, Devonís president and chief executive, said in a statement.

http://dealbook.nytimes.com/2012/01/03/total-buys-2-3-billion-stake-in-chesapeake-shale-assets/

9 replies, 1522 views

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Response to liberal N proud (Original post)

Wed Jan 11, 2012, 02:39 PM

1. taxpayers pay for the cleanup while profiteers export the profits. typical nt

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Response to liberal N proud (Original post)

Wed Jan 11, 2012, 02:49 PM

2. That looks like

business as usual.

Can we transform the meaning and value of profit in our own lives, enough to place value on what is more important than mere financial gain that is geared towards the benefit of a few? That is, before the results of profit-taking as a be-all and end-all brings us to our bankruptcy as a species and drags the rest of the planet's life and resources down that hole with us.

In a way, most of us are participating still in this conundrum, so by default, it continues to our dismay. What is our "profit" from the dominant paradigm? Do we, in our vast numbers, agree with the methods and potential results? Do we do so by ignorance, willful or unconscious, with our collective participation?

Changes are coming and emergence may be the key. Participation is an issue, no matter how large or small the effort and action for a start. Momentum can be nurtured and tended to by anyone.

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Response to liberal N proud (Original post)

Wed Jan 11, 2012, 02:50 PM

3. Everybody's oil goes on the international market.

Then you buy back from the pool.

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Response to dipsydoodle (Reply #3)

Wed Jan 11, 2012, 02:51 PM

5. The speculators have to get their opportunity to milk some cash from it.

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Response to liberal N proud (Original post)

Wed Jan 11, 2012, 02:50 PM

4. They've done a great job convincing people that our oil and gas are "ours" n/t

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Response to arcane1 (Reply #4)

Wed Jan 11, 2012, 02:54 PM

6. Agreed. It's obvious that the companies aren't in the business of solving our energy problems,

 

they are out to make a profit, the biggest they can and people can't expect corporations to solve any national problem, only exploit it for profit.

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Response to arcane1 (Reply #4)

Wed Jan 11, 2012, 03:07 PM

8. They are really good at propaganda

Those commercials remind me of most campaign commercials. They are all done in the same format and feel.

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Response to liberal N proud (Original post)

Wed Jan 11, 2012, 02:55 PM

7. There is nothing inherently American about drilling in America

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Response to liberal N proud (Original post)

Wed Jan 11, 2012, 04:04 PM

9. And because most of that oil is located in hard to reach pockets of oil we will have nothing left

but the clean up when it is all gone.

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