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Chesapeake venture aiming toward gas, away from OPEC

07/18/2011
Paula DittrickSenior Staff WriterChesapeake Energy Corp. has formed Chesapeake NG Ventures Corp. (CNGV) to invest in technology promoting the use of compressed natural gas, LNG, and gas-to-liquids fuels in the US.CNGV's investments are intended to help offset US demand of gasoline and diesel derived primarily from oil provided by members of the Organization of Petroleum Exporting Countries.Chesapeake outlined plans on July 11 to redirect 1-2%/year of its forecasted drilling budget toward projects that will stimulate gas demand.CNGV plans to invest at least $1 billion during 10 years, starting with investments of $150 million to Clean Energy Fuels Corp. and $155 million to Sundrop Fuels In...
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