Power Shifts to Nations with Big Oil Reserves

Royal Dutch Shell PLC and Exxon Mobil Corp. are making gargantuan bets on liquid fuels derived from natural gas. Shell and Total SA of France are extracting fuel from the gooey tar sands of Canada. ENI SpA, the Italian oil major, this month paid $900 million for the right to explore for oil off the shores of Angola. The search for new reserves has become “a nightmare,” says Paolo Scaroni, ENI’s chief executive officer.

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