Bloomberg reported that BP Plc (NYSE:BP) plans to lease 84,000 acres of land for an undisclosed price as it has entered into the Utica shale formation.
As quoted in the market news:
The boom in extracting hydrocarbons from shale by grinding underground rocks has turned the U.S. into the world’s largest gas producer. Prospects for shale oil promise to cut U.S. dependence on imported energy. Hess Corp. in September paid about $750 million for 85,000 acres on the Utica formation.