Colorado’s largest oil firms Noble Energy Inc and Anadarko Petroleum Corp have launched a media offensive targeted at highlighting the benefits of hydraulic fracturing, or more commonly fracking.
This comes after recent push by residents for laws that limit the drilling method which is considered harmful to the environment. The opposition has heightened as drilling activity moves nearer residential areas, fuelling concerns about possibility of earthquakes and water and air contamination.
“It’s all eyes on Colorado,” Jon Haubert, the spokesman for Coloradans for Responsible Energy Development, an advocacy group formed by energy firms to promote benefits of fracking, told Bloomberg. “The oil and gas industry hasn’t done a good job of explaining fracking.”
Noble and Anadarko have been purchasing advertising space in newspapers, website, radio and TV commercials after their Coloradans for Responsible Energy Development splashed out $1 million buying TV space in the fourth quarter, according to data compiled by Nielsen Media Research.
State policymakers will analyze over 20 natural gas and oil measures on Wednesday to see whether they are eligible for petition exercise that will see them included in November polls. The measures will permit residents to insist on having more distance between homes and wells or prohibit fracking.
Noble and Anadarko together constitute 80 percent of the activity conducted on the oil and natural-gas-rich Denver-Julesburg Basin in Eastern Colorado. Noble operates around 8,000 wells and intends to sink in $12 billion in the next 5 years. Anadarko has 5,000 wells there and revealed it plans to sink $2 billion in the area in 2014 alone.
The activity in the basin has propelled Colorado to become the country’s ninth-largest oil producer and sixth-biggest natural-gas producer. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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