EQT invests in Utica, Marcellus shale plays
Friday, February 24, 2017
Pittsburgh-based producer EQT won a bankruptcy auction, expanding its foothold in the Utica and Marcellus shale plays 85,400 net acres in West Virginia, according to Platts.
EQT purchased 53,400 acres in the Marcellus shale and 44,100 acres in the Utica shale for $527 million. The acreage produces about 80 MMcf of natural gas equivalent per day and includes 174 Marcellus wells.
Stretching across Wetzel, Marshall, Tyler and Marion Counties, the acreage sits within the core of EQT’s development area.
Learn more: Platts > EQT buys Marcellus, Utica acreage in Stone Energy bankruptcy auction
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.