Carrizo Oil & Gas unloads Appalachian assets
Friday, December 15, 2017
Houston-based Carrizo Oil & Gas recently closed on its previously announced divestitures in the Appalachian Basin for $128 million, according to Kallanish Energy. The company also has a deal to sell its assets in the Denver-Julesburg Basin in Colorado for $140 million.
The recent sales are part of Carrizo’s plan to concentrate primarily on the Permian and Delaware basin in Texas and New Mexico. The company considers the assets of its recent sales “non-core assets.”
Earlier this year, Carrizo announced it had entered into agreements to sell assets in the Utica and Marcellus shales to unnamed buyers for $62 million and $84 million, respectively.
Learn more: Kallanish Energy > Carrizo closes on 2 deals, announces third
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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.
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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.
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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.