Shell buys Texan shale assets

Angl

Anglo-Dutch oil giant Shell has acquired west Texan shale gas assets for $1.93bn (£1.19bn) from Chesapeake Energy, in a move to build its shale asset portfolio. The deal is expected to close within 30 days. Shell said in a statement yesterday: “The acquisition provides both existing production and near-term growth potential from a proven resource, as well as promising opportunities for expansion.” The acquisition covers 618,000 acres.