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Wed Jan 11, 2012, 02:38 PM

That 100 years of Oil they claim America has will go overseas [View all]

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/

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