Tuesday, February 10, 2015
In 2002, “fracking” wasn’t a common term to many people*; it was, however, an unconventional drilling practice that Texas oil and gas companies were testing. Now, hydraulic fracturing is a feature of many shale plays.
The Business Journal reports that the shale boom turned the tide on the oil industry, allowing the U.S. to overproduce, and the Marcellus and Utica Shale found in Pennsylvania, Ohio and West Virginia are important players.
Since summer 2014, oil prices have fallen, thus slowing exploration and production in the Marcellus and Utica Shale plays. However, the action isn’t over yet: more than 1,000 wells are waiting to be hooked up to pipelines in the Marcellus Shale, and that’s what midstream companies are working on now. A 2011 projection of 5 trillion cubic feet of natural gas by 2020 could be reached by 2016.
Via: The Business Journal > Utica, Marcellus Part of World Energy ‘Revolution’
*An earlier version of this post stated that fracking didn’t have a name in 2002.
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