The Business Times
SUBSCRIBERS

US risk takers drawn to Australian shale

Published Sun, Aug 23, 2015 · 09:50 PM

Chicago

AUBREY McClendon, the wildcatter who pioneered the US shale revolution by going where big oil companies wouldn't, is at it again. This time in Australia.

Emboldened by the exodus of producers such as Chevron Corp and Statoil ASA from Australian shale, Mr McClendon and private-equity investor John Raymond are pouncing amid the rout in global crude prices and a dearth of other ready investors, said Fadel Gheit, an analyst at Oppenheimer & Co in New York.

Australia is home to the world's sixth-largest shale oil reserves and seventh-biggest tranche of shale gas, according to the US Energy Information Administration.

"The big boys left town and that left an opening for the likes of McClendon and Raymond," Mr Gheit said in an interview. The major oil companies "left a vacuum and t…

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Energy & Commodities

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here