Big Oil investment in natural gas continues

11/10/2010 | Yahoo!

The world's oil majors are increasingly transitioning into the natural gas market, betting that clean, cheap gas will have greater staying power than oil and gasoline. ExxonMobil is now America's largest gas producer; Royal Dutch Shell expects gas to account for 50% of its worldwide output within two years; and China National Offshore Oil Corp. is pouring billions of dollars into gas fields owned by Chesapeake Energy. "If you look at most of the big developments now, they're not about oil, it's gas," says Oppenheimer analyst Fadel Gheit.

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