Energy Journal: California?s the Place to be for Texas Tea

By Ben Winkley

Consider the U.S. oil extravaganza and thoughts turn to North Dakota, West Virginia and Texas. But in a decade, the biggest oil producing state??may be California,?according to Bloomberg.??Which would be an irony given the state?s ?Governator-approved greening policies.

That?s if the recently-auctioned Monterey Shale licenses come up gushing. About 64% of all America?s shale-oil reserves could be buried under the Golden State.

In ?West Virginia, Norwegian oil giant Statoil has bought 70,000 acres of the Marcellus Shale play,?The Wall Street Journal reports. The $590-million deal means it now has operational interest in Bakken, Eagle Ford and Marcellus.

The biggest U.S. oil deal of the day, was made by Sandridge Energy. The company sold its Texas operations for $2.6 billion to fund expansion in western Kansas and Oklahoma.

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Source: http://blogs.wsj.com/marketbeat/2012/12/20/energy-journal-californias-the-place-to-be-for-texas-tea/?mod=WSJBlog

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