Surge in Oklahoma Earthquakes Linked to Oil and Gas Waste Wells
Oklahoma geologists have documented strong links between increased seismic activity in the state and the injection into the ground of wastewater from oil and gas production, a state agency said on Tuesday.
Currently, Oklahoma is recording 2-1/2 earthquakes daily of a magnitude 3 or greater, a seismicity rate 600 times greater than observed before 2008, the report by the Oklahoma Geological Survey (OGS) said.
It is "very likely that the majority of the earthquakes" are triggered by wastewater injection activities tied to the oil and gas industry, the OGS said. It warned that residents should be prepared for a "significant earthquake."
A record 400 shale wells may be drilled beyond U.S. borders in 2014, including China, Argentina and Russia. Fracking in the U.K. will start next year, after the government lifted an 18-month moratorium imposed when a fracking company found it had accidentally caused earthquakes.
Fracking activity outside the U.S. is likely to be good for the big oil players. Royal Dutch Shell (RDS/A) teamed up with China National Petroleum Corp. this year to explore in Sichuan, the province that accounts for 40 percent of China’s shale reserves. Hess (HES) is exploring with CNPC in the western Xinjiang region. YPF (YPF), the Argentine oil company, has joined with Chevron (CVX) to tap deposits in Argentina’s vast Vaca Muerta formation. Says Edward Morse, head of commodities research at Citigroup (C): “Within three to five years, there should be exponential growth in drilling as there was in the U.S.”
http://www.bloomberg.com/bw/articles...ng-goes-global
I'm glad that at least NYS has kept a ban on it. We have enough legacy environmental problems, we don't need new ones.
Seems like all this drilling is going to cause a major crash in the oil market. Hopefully it won't also cause major earthquakes.
There are currently 1 users browsing this thread. (0 members and 1 guests)