Shale a 'Game Changer' – World Economic Forum

Speaking at a session at the World Economic Forum in Davos, Tony Hayward, chief executive of BP plc spoke of gas extraction from shale as a "complete game changer" that would transform the future of energy in that country over the next 100 years.

"[Unconventional gas is a] complete game changer in the US," he said.  "It probably transforms the US energy outlook for the next 100 years. It's yet to seen if it can be applied globally."

BP spent  $1.75bn in buying shale interests from Chesapeake Energy in the summer of 2008.   In addition, BP has inherited a major stake in shale operations when it took over Amoco 12 years ago.  BP, together with Royal Dutch Shell and Statoil ASA, have also been mentioned as possible suitors for Toreador Resources Corporation. Toreador's  primary asset in the Paris Basin oil shales,  is estimated to hold about 30 billion barrels of oil.

Source: Guardian