Ex Mobil Oil Executive Vice President, Lou Allstadt made a presentation at Cornell recently on something he knows a lot about: the oil and gas business. Allstadt focused on the industry’s behavior regarding the prospects for shale gas in New York. He analyzed what they did – not what their PR departments said about New York’s shale gas potential. His presentation, narrated online here, shows that, armed with a wealth of geological data on New York’s shales, the industry tested the area and left before the de facto moratorium went into place in 2008. Some of the most knowledgeable shale specialists, such as Range Resources, never bothered with New York at all. Lou explains why.
Lou Allstadt explains what the majors saw in New York’s shale, why they left years ago, and why they won’t be back any decade soon – if at all.