France Considers Lifting its Ban on Fracking
Don’t look now, but one of the shining examples of an entire country that banned fracking—France—a country exalted by anti-drillers as a shining example for America to emulate, is considering…lifting the ban! That’s right, the new French government, which is Socialist to the point of being Communist, sees all of the jobs being created by shale drilling in the U.S.—and they’re lusting for it.
Faced with keeping the ban to placate the greens, or lift the ban and embrace safe drilling and reap thousands of new jobs, the new Socialist French government is leaning toward the later. C’est la vie.
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Last week Chesapeake transferred 90 percent ownership of their 9,000 Utica Shale leases in Columbiana County, Ohio to their French partner Total in return for $2.03 billion. Back in December Chesapeake did an initial deal with Total for a 25 percent ownership stake in Chesapeake’s Ohio Utica Shale leases for 10 Ohio counties. This latest deal does not grant Total 90 percent in all 10 counties, so the question is, why Columbiana in particular? In two words: headache relief.
In early November, Chesapeake Energy announced a major cash infusion into their Utica Shale exploration and production would come from a new joint venture with a mystery/unnamed “international major energy company” to the tune of $2.14 billion (