HOUSTON (Dow Jones)--ConocoPhillips (COP) is looking for acquisition opportunities in the deepwater U.S. Gulf of Mexico and in the oil-rich shales in Texas and North Dakota, Chief Executive Jim Mulva said Wednesday. Nevertheless, ConocoPhillips is actively looking for acquisition opportunities in the area, where the company believes is its under-represented......is also shopping for acreage in the Eagle Forld and Barnett shales in Texas and in the Bakken shale in North Dakota, Mulva said. Those are the areas where the company is currently ramping up oil production and is eager to increase its position. Mulva said the $2 billion to $3 billion the company is expecting to spend in these acquisitions will be on top of the $10 billion it has budgeted for capital spending in 2011.I think it's pretty exciting to hear the CEO of COP talking about the Bakken in this manner.
I opined some months ago that 2010 would be a watershed year for KOG.
I think 2011 will be the year of mergers, acquisitions, major acreage deals, etc., in the Bakken.
Updates
Update, November 1, 2010: I posted the above on October 29, 2010. Three days later my comment that the year 2011 will the year of mergers, acquisitions, major acreage deals, etc., in the Bakken seems to be validated by a well-researched analysis posted on the Bakken Shale Discussion Group board.
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