ExxonMobil Shale Gas in Europe
After largely missing out on the huge amount of shale gas available in the U.S., large energy companies like ExxonMobil (NYSE:XOM) are now looking to the European continent as the place they can access large shale gas deposits.
If the amound of shale gas in the U.S. is any indicator, there could be an extraordinary amount in Europe as well, as the technology is now available to tap into it.
For ExxonMobil, their huge move into the shale gas sector was via its acquisition of XTO, which specializes in the field.
Even with the drop in the price of gas, over the long term the shale gas play should result in solid revenue and profits for those willing to invest with a long term horizon in mind.
The major challenge for those looking to Europe for shale gas is the industry infrastructure will need to be build up in order to process the gas, as there are only about 50 onshore gas-drilling rigs in Europe in contrast to the approximate 2,000 operating in the U.S.
ExxonMobil Shale Gas in Europe
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