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An invasion of U.S. oil fields by Asian buyers is happening. Recently, companies from Korea, China and India have bought land in the oil-rich states of Texas, Colorado and Wyoming, according to Reuters.
In one of the biggest land deals, Korea National Oil (KNOC) bought one-third of Anadarko Petroleum's (APC) land holdings in South Texas for $1.55 billion. The purchase of 80,000 acres is located in the Eagle Ford Shale section, which is believed to have rich deposits of oil, natural gas and liquids, according to Reuters. KNOC also will receive 16,000 acres in the Pearsall Shale in South Texas.
China's CNOOC purchased $1.3 billion of oil and shale land in Colorado and the Southwest, Reuters added, and according to Barclays (BCS), India's Reliance RELI paid $11,354 per acre for land purchased from Pioneer Natural Resources (PXD).
The Anadarko deal is unusual in that the company will receive no cash. Instead, KNOC will pay all of Anadarko's capital costs for 2011 and continue paying them until the money runs out, according to Reuters. One way to obtain development capital always has been to sell off part of your land.
Asian buyers are in need of our technology for extracting oil and natural gas from shale. In the case of the Anadarko purchase, KNOC will be working side by side with Anadarko.
A key question arises from these transactions. Our multinational oil giants scour the globe looking for new sources of energy. They make deals with foreign companies and governments to explore, extract and sell their products all over the world. Should we reciprocate? Should we allow foreign oil companies to invade our oil fields, to explore and extract our natural resources for their benefit?
The United States is an importer of oil. Should our government allow oil companies to sell off oil rich lands to foreign companies? Are we allowing foreign oil companies to deplete our oil fields? Should Congress step in an stop this? When the Alaska pipeline was built, Congress forbid oil companies from exporting our oil to other countries. Later, during the Clinton administration when oil was $10 per barrel, that restriction was lifted. Now oil is over $100 per barrel. Gasoline is nearing $4.00 per barrel. This should be a wake up call to Congress.
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Reader Comments (Page 1 of 1)
3-22-2011 @ 1:54PM
randy said...
You say this should be a wake up call for congress, the only problem is they are in a coma we are screwed!
3-22-2011 @ 1:56PM
Raymond R. Murray said...
Come on:"'''' Congress is bought and paid for by corporations and big money. They won't do anything if big money and corps tell them not to. This country has already been sliced up and bought by foreign interests and corporations have moved all the jobs overseas. We have the best congress money can buy and it is bought and paid for. Check average wealth of congress people and how they all became millionaires and billionaires.
3-22-2011 @ 2:08PM
COLLINSMOVING said...
DAMN YOU, THE CONGRESS AND ALL OF THE ASSHOLES THAT SUPPORT FOREIGN GOVERMENT TAKE OVER DAMN YOU, LET'S TAKE CARE OF #1 FIRST THE AMERICAN PEOPLE THAT'S WHY MY TAX'S AND EVERYONE ELSE'S PAY'S YOUR STUPID ASS. NOT TO TAKE CARE OF YOUR OWN POCKET BUT TO PROTECT US**THE AMERICAN PEOPLE. REMEMBER WE THE PEOPLE. THIS SHIT KEEPS UP YOU MAY BE LOOKING AT ANOTHER EGYPT OR LIBYEA. GET YOUR ACT TOGETHER.
3-22-2011 @ 2:38PM
btesimms said...
Booker T. Simmons said... Let face the truth of the matter. Congress has to many fat cat who is trying to representative the American People,but only care about their pocket book. Coroporations shouldn't be selling its most precious resources to foreign Country. It is a sin to sell out your birthright, like land, oil, gas, and others. I plead with the elected officials to stop this practice, and think of the dammage is done for our grand children.
3-22-2011 @ 5:10PM
william lindblad said...
Capitalism/Catpitolism at work. Spell it ether way and it's the same thing. It is either our elected representatives or big oil and both seem to have the same objective which is to line their pockets and screw the public. In the case of a critical natural resource there should be ownership constraints as this area is in the same league with port security. Since we did not allow a foreign entitiy to own and control something necessary for our domestic economy - and security. The government keeps reserves and they are there for one reason - security. A policy of selling to the highest bidder undermines the concept. If the government wants to allow this than they should put all of the tea pot dome style reserves into the oil market, flood it, and bring gas down a buck or two. Otherwise, I hope that the walking dead realize there is a problem and take steps to correct it.
I AGREE WITH ALL OTHER COMMENTATORS - THIS IS JUST ANOTHER FAILURE FROM CONGRESS.
3-22-2011 @ 5:59PM
greg.mccormick said...
I would consider it a neightmare if I could purchase gas for $4.00 per barrel!!!
3-23-2011 @ 6:27AM
Dan Barnett said...
Indeed Gregg, $4.00 a barrel gasoline would be a solid buy.
I'm more puzzled by the implication of the question in paragraph 6. US based Oil Companies drill all over the world to export to the USA. But Foreign Oil Companies should be prohibited from drilling in the USA for export overseas? Is that really the inference?
Ostensibly Ms. Madon would cheer if President Obama would prohibit the export of oil to foreign nations. Would she cheer as loudly if, say President Chavez of Venezuela, did the same & prohibited exports to the USA?
Mr. Lindblad,
Don't count on the politicians. They're too busy making sure that Sharia Law does not become the law of Oklahoma.
3-24-2011 @ 1:07PM
Ed said...
This is a crying shame. The real reason the US won't use thier own oil for us is that there are so many loopholes to jump through to keep the EPA and Beaurocrats happy and it becomes very expensive to process the oil. When the price per barrel goes up and US companies start drilling for oil and processing shale, then historically the Arabs lower thier price to undermine the US Companies efforts. So in one way you can understand why the US Companies want to sell off thier oil fields but that still does not make it right. I fear the next tradgedy will be that the US will relax thier Enviornmental laws for these foreign owned companies, they are already talking about cutting some of the EPA's funding to ease the national debt. We also know that Obama's goal is for us to pay the same for Gas as they do in Europe, roughly $10 a gallon. It's time for a complete overhaul of our government and to get rid of the liberals and those that are pushing thier One World Governmental views down our throats.