Reliance exits US shale to focus on home market in India, clean energy initiatives
Thursday, November 18, 2021
Reliance Industries has decided to divest all of its U.S. shale assets and focus on India’s domestic market, where it has made a series of investments in clean energy, according to Hellenic Shipping News.
Analysts believe the company will reap two benefits from the decision in signaling to the market it is accelerating its efforts toward reducing its carbon footprint and making its intentions clear to focus at home in India, where energy consumption is expected to grow exponentially.
In its most recent move, Reliance divested its last remaining assets in the North American shale gas business, selling off assets in the Eagleford. The company had previously divested its entire stake in the Marcellus shale.
Learn more: Hellenic Shipping News > Reliance’s exit from US shale signal intent to focus at home in India
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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.