Cnooc ltd

Who are they and what interest do they hold in your mineral rights? Take a good look at the faces who have a vested interest and tell me do you think they are going to share?

Sharon Kintz

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Permalink Reply by PA roughneck on January 2, 2011 at 5:45am

Sharon,

   unless you hold mineral rights in the Eagle Ford Shale in Texas, CNOOC's deal with Chesapeake would have no effect on those leasing in the Marcellus. Unless of course, this infusion of capital allows Chesapeake to continue it's level of operations out here that would have been cut back had the deal not occurred.

Permalink Reply by Todd Charles on January 2, 2011 at 12:35pm

This is a forum about the Marcellus Shale Play - not the Eagle Ford Play.

You are ill-informed and your vitriol is very misguided - and while you're at it, you could use a little "anger management" counseling thrown in , for good measure.

This is a forum where people share what we are learning about this new frontier, the technology to collect it and the best way to manage ourselves and our resources, in the Marcellus Shale Play - not a place to pick a fight, tear your pants, or spew your bitterness about a topic of which you obviously know very little.

Permalink Reply by sharon kintz on January 2, 2011 at 12:55pm
Todd,

Do you know how much cnooc ltd owns of cheesy assets? Is everyone afraid to say or don't they know? As of today what percentage?


Sharon Kintz
Permalink Reply by PA roughneck on January 2, 2011 at 1:39pm
Sharon,

   CNOOC will own NONE of Chesapeakes assets. They did not buy any portion of Chesapeake at all in this deal, not one share of stock.  What they have done is basically the same thing that often occurs in the industry. One company obtains the leases, another joins in by providing the capital to drill and produce from the area in return for a percentage of the revenues generated from producing those leases.

  In this case, CNOOC agreed to provide $1.1 billion for a 1/3 stake in its 600,000 acre leasehold in the Eagle Ford Shale. Another $1.1 billion in financing for drilling costs is part of the deal. Rest assured, China isn't going to be taking this resource across the pacific as there is currently no means to ship gas from the US save for a single LNG export terminal in Alaska.
Permalink Reply by Todd Charles on January 3, 2011 at 3:59am
Well said, Ross.  They (Exxon & others) have been back and forth on constructing a LNG terminal in Maine - but nixed the idea to develope the Marcellus, instead.
Permalink Reply by PA roughneck on January 3, 2011 at 4:22am

Todd-

This terminal in Maine, plans were for a regasification plant if I'm not mistaken, weren't they?

Makes sense to shut down plans for an import terminal when the Marcellus starts showing its worth!

  Not to jump in and be correcting you or anything mind you, it's just I've often heard the argument before -"all this gas is going to be shipped overseas" and many of those who believe it have no idea of the difference between a LNG export and import terminals. Apples and oranges, refrigerators and ovens!

   Have good new year,

             Ross

Permalink Reply by Todd Charles on January 3, 2011 at 5:46am

Ross, we're both right - as you will see in the following articles, the terminals were to consist of  a re-gasification unit and an import terminal - and  although these are not the latest news blogs on the subject, we have family in both Portland and Bar Harbor that really stay on top of these issues.

Although not the latest news on this topic, here is some supportive reading on the issues  - will post more current articles when i find them :

 

http://www.downeastlng.com/

 

http://www.pressherald.com/news/lng-survival-in-maine-hinges-on-sol...

 

http://online.wsj.com/article/BT-CO-20101122-712402.html

 

I understand Exxon has indicated they would be more interested in investing in an export terminal - at a later date.

 

Ross, I appreciate a correction if I ever post incorrect or "mis-information" on here - that's how we learn and grow.  Never apologize for educating others.  Thanks for your imput.

 

Happy New Year, to ya, Ross !

 

Sincerely,

Todd's Mom, Kit

Permalink Reply by Todd Charles on January 3, 2011 at 6:03am

The Marcellus Shale Play has changed the face of natural gas forever.  You are absolutely right about, "why go the expense of importing foreign gas (and oil) for the huge energy demands of the eastern seaboard, when we have there already ?"

It's just "greener", American good business economics, helping us get energy independent.

Permalink Reply by FXEF on January 4, 2011 at 8:17am

Ross,

 

The Eagle Ford contains "wet gas" with lots of oil. in some cases more oil than gas. I don't think any oil will be shipped to China, as it is worth more here than in China.

Permalink Reply by Mike Knapp on January 3, 2011 at 7:07am

Sharon, CNOCC is a Chinese hit squad. They are secretly buying up all of the mineral rights in order to shut off all production and turn the USA back into the stone age.   Your suspicions are correct.   We're going to have a meeting to discuss how we can stop this.  Meet us at the 9th green at 9:00 sharp!  Make sure to bring your tin-foil cap! 

 

-Mike

Permalink Reply by PA roughneck on January 3, 2011 at 12:27pm

Mike? That really you?  I'd never have guessed from reading many of your posts that you were so fluent in sarcasm!

  Was returning here tonite to post a smart a$$ reply but you beat me to it. :)

   Should we tell her that CNOOC really stands for-

                                        Chinese Now Owners Of Chesapeake?

         -Ross

"Sarchasm"-the gulf between the person telling the joke and the person who doesn't get it.

Permalink Reply by Mike Knapp on January 3, 2011 at 1:13pm

Ross,

 

What is this "sarcasm" you speak of?   I haven't the foggiest idea what you're talking about!  ;)

 

Cheers!

 

-Mike

 

 

 

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