Damon, who was originally set to direct the film, will star as a businessman who has a moral crisis after moving into a small town.
John Krasinski has signed on to play a rival executive, and Rosemarie DeWitt was recently announced as the female lead.
Politico has now revealed that the main conflict between Damon and Krasinski's businessmen will be the controversial practice of fracking.
Fracking involves the fracturing of rock to release natural gas, which has been criticised in the past for its harmful effects to the environment, particularly water sources. However big businesses, like the one Damon's character works for, continue to deny any negative effects to the process.
Gus Van Sant has signed on to direct the drama.
This marks Matt Damon's second collaboration with the director since the 2002 film Gerry, which Damon also wrote and starred in. He has written The Promsed Land with Krasinski and author Dave Eggers.
The Promised Land begins filming later this month in Pittsburgh.