More Good News for Domestic Natural Gas Industry?

Chevron says hopes for China natural gas industry may not be forthcoming any time soon; making decision on whether to increase exploration outside North America.

Shale gas projects in Europe and China are not guaranteed to succeed and may not come into first production until the next decade, Chevron, the US oil and gas group, has warned.

George Kirkland, Chevron’s head of oil and gas production, told the Financial Times that it would be three to five years before the company could decide whether it would be worth starting up any shale projects outside America, and late this decade or early next before it could be producing gas.

“We had tremendous data in the US and Canada, and we frankly just don’t have that kind of data around the world. There’s a huge catch-up in knowledge and data that’s got to happen.”

I blogged early on that the data the oil companies had in the Williston Basin was one of the reasons for the "seemingly overnight"success of the Bakken boom.

In same article linked above, XOM's exploratory wells in Poland were unsuccessful.

Meanwhile, a nice article from the American Thinker sent by Dennis.