Friday, July 1, 2011

McClendon defends productivity of shale gas wells; Markey seeks review

Chesapeake Energy Chairman and CEO Aubrey McClendon disputes recent articles in the New York Times that claim energy companies are exaggerating production from shale natural gas wells.

Early productivity numbers and expected ultimate recoveries of such wells have been "steadily improving" and "the majority of these wells will be productive for 30-50 years, or even longer," McClendon wrote in response.

It is also "absurd to conclude that shale gas wells are underperforming while America is awash in natural gas and benefiting from natural gas prices less than half of what they averaged in 2008," he added.

Meanwhile, Rep. Edward Markey (D-Mass.), in response to the articles, asked the Energy Information Administration to review its assessment of the nation's natural gas reserves.

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