Equinor stops drilling in US shale plays for remainder of 2020
Wednesday, September 2, 2020
Norway’s Equinor will not drill any more shale wells in the United States this year, continuing to adjust to lower oil prices, a spokesperson for the company said, according to OilPrice.com.
Equinor halted drilling in the Bakken and the Marcellus shale fields in March this year, as it slashed billions in spending in response to the oil price collapse. Months later, Equinor has also decided to cut jobs. It has yet to specify how many.
Despite the cuts, Equinor has no asset sale plans, which means it could still have long-term plans for its shale oil and gas operations in the U.S.
Learn more: OilPrice.com > Oil Major Equinor Stops Drilling in U.S. Shale Patch
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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.