Williams forms $3.8B joint venture in Marcellus, Utica shale plays
Wednesday, June 26, 2019
Williams, an energy infrastructure company headquartered in Oklahoma, recently completed the formation of a $3.8 billion joint venture with the Canada Pension Plan Investment Board, according to Oil & Gas 360.
The Canada Pension Plan Investment Board will trade $1.33 billion for a 35% ownership in Williams’ pipeline systems, including the Ohio Valley Midstream system in the western Marcellus and the Utica East Ohio Midstream system in the Utica shale play.
Williams will retain a 65% ownership interest and operate the combined business.
Learn more: Oil & Gas 360 > Williams Trades 35% Stake in Pipelines for $1.33 Billion
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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.