Shale Revolution – Full Steam Ahead!

... relatively open and liberal market. Chesapeake Energy, which is now one of the leaders in shale gas production, was launched with just $50,000 by its founders Aubrey McClendon and Tom Ward; it now makes $11.6 billion profit and hires 7,600 staff. One guesses The New Times has made a big omission here, as it is not possible to start an oil or gas company on that sum due to an each individual well costing around $3 million to bore, depending on depth, geology and geography – with companies needing tens if not hundreds wells to make production viable. Nevertheless, the figure probably ...