Mr Kloppers said the writedown on the Fayetteville assets was also a reflection of BHP's decision to change course and shift drilling from dry gas to liquid-rich fields.

BBC: BHP Billiton in $3.3bn writedown as gas prices plunge

The natural gas glut has caused natural gas drilling to be curtailed, making drilling equipment and workers available to shift to going after the oil.

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Secondly, layered on top of our core thesis, we see significant upside from a potential industry shift back toward natural gas drilling.

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As the Cuomo administration has more recently pursued an agenda that includes rewriting state law regarding abortions to codify it with federal standards, and has delayed a decision on whether to allow a controversial form of natural-gas drilling in the state, voters have come to believe they perceive a shift in the governor's ideology.

WSJ: Backing For Cuomo Declines Upstate

Other than rising oil prices, the reason for this shift is that new and controversial technologies such as fracking and horizontal drilling have multiplied the amount of viable deposits in unexpected places.

CNN: America, the Saudi Arabia of tomorrow

Significant innovation in drilling techniques brought us the shale gas revolution, and this has created a tectonic shift in our fossil fuel picture.

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To get a clear picture as to what exactly drives the shift away from Pennsylvania, it is instructive to read the Q3 transcripts from some of the major drilling companies.

FORBES: Driven by Oil Shale Economics, Natural Gas Prices Primed for Slow and Steady Rise