Chesapeake makes handshake deal with Gunvor to deliver liquid natural gas
Thursday, March 9, 2023
Earlier this week, Chesapeake Energy signed a long-term agreement to deliver liquid gas to a company in Singapore, according to UPI.
Chesapeake signed a heads-of-agreement deal with the Singapore branch of multinational commodity trading company Gunvor to supply the gas equivalent of 100 billion cubic feet of liquefied natural gas annually for 15 years.
The deal is set to begin in 2027.
Learn more: UPI > U.S. gas producer Chesapeake makes LNG handshake with Gunvor
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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.