Texas Permian Basin, Chevron, West Texas discussed on Marketplace
The energy news of this product comes to his side of the Permian basin down in west Texas, the biggest petroleum region in the country. The oil giant, Chevron is becoming more giant. I guess you'd say it's going to buy Anadarko petroleum for thirty three billion dollars which will make it one of the biggest players in the US shale basin business marketplace. Jack Stewart explains what's going on there. The last time the premium basin was this popular was hundreds of millions of years ago when it was an ocean and the place to be ancient marine life. Those organic remains resulted in a huge amounts of oil and gas in the shale rock in what's now, west Texas and southeastern New Mexico Davidson is at the energy institute of the university of Texas Austin, the Permian is in many ways, the center of the oil investment world right now extracting the oil and gas locked up in that shale through fracking was still considered an expensive and risky technique. Just a few decades ago. So we'll though Chevron and the other oil giants do own rights in the poem already. They would contend to. Leave the toughe- extractions. So smaller independent players Thana. David Hinton is at the university of Texas Permian basin. What the independence did was show. The majors that you can get an enormous amount of loan gas out of what had previously not the neck anonymously, sensible independence, like Apache pioneer clinch. Oh, and dozens more Chris Nicholl at energy consultants wood MacKenzie. We do see the potential for more consolidation within the Permian basin. So if you haven't heard of the poem prepared to hear that would a lot more in the future as deals done example, one Chevron CEO, Mike with it's not about getting bigger in the permanent about getting better in the Permian than we think this makes us even better in the Permian him got it on Jackson for marketplace..