EOG Resources expands operations in Utica Shale
Wednesday, November 9, 2022
EOG Resources Inc. expanded its operations in the Utica Shale, acquiring 395,000 net acres and 135,000 mineral acres for a combined cost of under $500 million, according to Natural Gas Intelligence.
The newly-acquired acreage spans a 140-mile trend targeting oil and both wet and dry natural gas in the Utica.
The Utica assets add to the company’s portfolio, which includes operations in the Permian, Williston, Powder River, Denver-Julesburg, and Anadarko basins, along with the Eagle Ford and Barnett shale formations, among other areas.
Learn more: Natural Gas Intelligence > EOG expands into Utica Shale, touts global natural gas, oil pricing
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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.