Repsol buys Pennsylvanian shale producer
Acquisition of Rockdale Marcellus is part of the Spanish firm’s strategic plan
Spanish oil company Repsol has bought bankrupt US shale producer Rockdale Marcellus for $222mn. The US firm owns 100pc of its west Pennsylvanian operations, which were producing c.110mn ft³/d (3.11mn m³/d) of gas as of March of last year. The company’s 48,000-acre plot is contiguous but stretches across the counties of Tioga, Bradford and Lycoming. Rockdale Marcellus filed for Chapter 11 bankruptcy in September last year. Repsol says the acquisition is “one of 14 key projects” in its 2021-2025 strategic plan and allows the company to add value to its existing and adjacent positions in the “prolific” dry gas portion of the Marcellus shale formation. There is also the potential to expand oper
Also in this section
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources
26 March 2024
Strategic stocks have become as much a market management tool as a security of supply buffer, and this new tactic is likely to continue beyond the next election
25 March 2024
Low carbon intensity and sizeable projects such as Johan Castberg coming onstream in late 2024 suggest a robust outlook at least until 2030
22 March 2024
And the outlook for the country’s upstream appears to have improved following legal setbacks in 2023