By Swagato Chakravorty Tuesday,
December 11th, 2012 in Energy and Capital
How’s this for irony? Fracking champions are looking toward
solar power to try and cut down on pollution.
Most of the hydraulic equipment currently in use rely on ‘dirty’
diesel-guzzling engines. But companies are looking for a way to
clean up this already controversial process.
Halliburton (NYSE: HAL), for example, is quite heavily invested
in fracking. The company has come out with a fracking machine that
uses gravitational and solar power to function.
The so-called SandCastle is about two years old now, and it has
already been implemented across dozens of sites within the U.S.,
Big Oil has tried to clean up its act recently, smarting from
sustained and harsh criticism from environmentally-conscious
entities. Halliburton and three other major oil-field service
providers collectively invested some $2.04 billion in 2011 to try
and make their services more environmentally-friendly.
It’s a big change—32 percent—from what they were spending two
years previously. Chesapeake Energy (NYSE: CHK), General Electric
(NYSE: GE), and Verenium Corp. (NASDAQ: VRNM) have also come up
with “alternative” technologies for their operations.
Should these companies develop greener solutions, it will not
only earn them some leniency and good publicity from eco-groups,
but it will also help rein in the price of cleanup, which can