Chesapeake Energy Will Invest $1 Billion over 10 Years on New Alternatives to OPEC Oil

On Monday, Chesapeake Energy, the second largest producer of natural gas in the United States and a major player in the Marcellus Shale, committed to investing $1 billion over the next 10 years in technologies “that will replace the use of gasoline and diesel derived primarily from OPEC oil with domestic oil, natural gas and natural gas-to-liquids (GTL) fuels.” Chesapeake has created a venture capital fund, called Chesapeake NG Ventures Corporation (CNGV), that will invest in companies offering alternatives to OPEC oil—ie, technologies that use natural gas.

Chesapeake has already committed to investing $150 million in one company that will establish 150 Liquid Natural Gas (LNG) fueling stations for heavy duty trucks, and $155 million in a company that produces “green gasoline” from waste cellulosic material and natural gas.

Read the entire press release announcement below.