Sumitomo to pay $1.4 B for Devon Energy's Texas Shale stake..Okla o&G co Devon Energy Corp has sold a 30% stake in two Texas shale plays totalling roughly 650,000 acres to Japanese Conglomerate announced Wednesday.
I do not know which shale plays they sold off...but I do know that a Japanese firm owns 20% of Samson bought thru KKR. BHP owns Petrohawk shale stake.
How long will it be before most of shale is owned by foreign firms? What does this mean for Shale lease holders?
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I read where this was in the Permian Basin area of Texas.
Sumitomo Corporation signed an agreement with Devon Energy Corporation to participate for 30% in Devon's tight oil development project in the Permian Basin in Texas.
In researching the decades-old Tuscaloosa Trend and the immense wealth it has generated for many, I find it deeply troubling that this resource-rich formation runs directly beneath one of the poorest communities in North Baton Rouge—near Southern University, Louisiana—yet neither the university ( that I am aware of) nor local residents appear to have received any compensation for the minerals extracted from their land.
This area has suffered immense environmental degradation…
ContinuePosted by Char on May 29, 2025 at 14:42
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