Statoil sells Marcellus acreage to Antero Resources
Tuesday, August 2, 2016
Norway-based Statoil has made its third deal with Marcellus shale acreage. Pittsburgh Business Times reports that Statoil is selling 11,500 acres in the West Virginia counties of Tyler, Wetzel and Doddridge to Antero Resources Corp.
Statoil is selling the acres in an effort to optimize its portfolio.
Earlier this year, Statoil sold Marcellus acreage in West Virginia to EQT Corp.
Read more: Pittsburgh Business Times > Antero buys Marcellus Shale acreage for $96M
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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.