Devon’s Barnett acreage purchased by Kalnin/Banpu (click for larger version)
Just yesterday MDN ran a story about a ceremony held by Thailand’s Banpu in opening a new regional office in northeastern Pennsylvania, an indication of their commitment to the PA Marcellus where they’ve (so far) invested $500 million (see Banpu Opens New $5M Marcellus Operations Office in NEPA). And just like that, Banpu bought out all of Devon Energy’s Barnett Shale assets in Texas–spending $770 million to do so. Which points out yes, drillers and investors DO have choices and yes, their money WILL leave Pennsylvania (and Ohio and West Virginia) if the economics make more sense elsewhere.
