2016 closed with another big exit from the Marcellus shale
Wednesday, January 4, 2017
As 2016 closed, the trend of firms opting out of the Marcellus and Utica shale plays extended to two years, according to The Intelligencer. Again, various drillers saw fit to sell off acreage and focus on drilling in other parts of the country.
Most recently, Houston-based Anadarko Petroleum Corp. sold 195,000 Marcellus Shale acres, located in central Pennsylvania, to Alta Resources Development for $1.24 billion. The decision came after the company reported a $830 million deficit at the end of the third quarter.
Th company will be focusing its resources in the Delaware Basin, largely concentrated in Texas and New Mexico, and the DJ Basin, located mostly in Colorado.
Learn more: The Intelligencer > Some Companies Selling Out of Marcellus, utica Shale in the Ohio Valley
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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.