Nobel Energy unloads West Virginia, Pennsylvania assets
Monday, July 17, 2017
Houston-based Nobel Energy, Inc. recently announced it closed the sale of upstream oil and natural gas assets in northern West Virginia and southern Pennsylvania, according to a Noble Energy Press Release.
HG Energy II Appalachia LLC, a portfolio company of Quantum Energy Partners, purchased the assets for $1.124 billion.
Additionally, Nobel plans to close a second midstream transaction, divesting 50 percent interest in Cone Gathering, LLC to a Quantum portfolio company in the third quarter of this year.
Learn more: Nobel Energy > Nobel Energy closes upstream Appalachia sale
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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.