Land prices fall in shale fields across US as prices drop
Friday, November 13, 2020
Land prices in shale fields across the United States have fallen by more than 70 percent on average since 2018, according to MRT.
The average cost of shale acreage has decreased from $17,000 per acre in 2018 to $5,000 per acre in 2020, according to Rystad, a Norwegian energy research firm.
Additionally, the firm doesn’t foresee demand for oil assets rising any time soon as most energy companies focus on cutting costs amid the coronavirus pandemic instead of purchasing new land for oil and gas drilling.
Learn more: MRT > U.S. shale land prices plunge during oil bust, report says
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
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.