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15-Jan-2017 11:53

A large shale gas acquisition in 2010 ended up suffering large losses and had to be written down.Exxon is known as the fiercest competitor on costs and it has made huge strides in cutting horizontal drilling costs: “Since 2014, the company has drilled 174 horizontal wells in the Permian, and it boosted results by running longer lateral lines and making other improvements.Since 1921 it is estimated that a staggering 29 m barrels of oil have been pumped out of the ground there.In the 1970s and 1980s it was the classic terrain of “Texas oil men”.

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This study has also confirmed the results for samples from section C prior to the analysis of the samples.

EXXON which had previously been slow to get into the fracking business has now made a major play by acquiring a huge plot of Wolfcamp shale land in New Mexico in the Delaware section for $ 5.6-6.6 bn from the Bass family of Texas.