Chinese company to invest $83.7 billion in West Virginia shale
Friday, November 24, 2017
China Energy Investment Corp. Ltd. will invest $83.7 billion in shale gas development and chemical manufacturing in West Virginia over the course of 20 years per an agreement with West Virginia officials, according to the Associated Press.
West Virginia Commerce Secretary Woody Thrasher and China Energy President Ling Wen signed a memorandum in Beijing as part of a U.S.-China trade mission during President trump’s visit. Officials say it is part of an overall $250 billion of planned Chinese investments in the U.S.
Project planning will focus on power generation, chemical manufacturing and underground storage of natural gas liquids and derivatives, according to state officials.
Learn more: PennEnergy > West Virginia signs investment pact with China Energy
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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.