Continental Shift: BP Is Latest Gas Player

Oil giant BP PLC will pay $1.75 billion for natural-gas assets in Oklahoma, placing a big bet on North America’s booming unconventional gas fields.

The deal with Oklahoma City-based Chesapeake Energy Corp. is the latest sign of a major shift in Big Oil’s strategy. For years, the largest oil companies have all but ignored the continental U.S. in favor of huge oilfields overseas and offshore. Now, facing declining production, shrinking reserves and increasing political challenges, the companies are coming back.

Wall Street Journal

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Royal Dutch Shell