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Wednesday, May 16, 2012

Big Oil Production Still Expected From Ohio Utica Shale

From The Courier in Findlay:
Ohio won't enable the United States to snub Middle Eastern oil. But oil and natural gas from eastern Ohio could make the Buckeye State a player and create 200,000 jobs, Marathon Petroleum President Gary Heminger said Thursday.
Production in the Utica Shale formation, in eastern Ohio, these days is 2,000 to 3,000 barrels per day, Heminger said. The amount of oil produced from some other sources is measured in tens and hundreds of thousands of barrels per day.
"It's early in the game but we think (Utica) has great potential," Heminger said at the Hancock County Republican Party Century Club Dinner. "In the last couple of months, four or five new crude oil wells have come on stream."
Most of that crude is being purchased by Findlay-based Marathon Petroleum and refined in Canton. Marathon Petroleum refines crude into gasoline, diesel and other petroleum products.
Marathon is ready to accelerate its purchasing and refining of Utica Shale crude. At the suggestion of crude producers, it has invested in a 12,000-barrel-per-day truck unloading rack in Canton.
"We expect to increase that to 24,000 barrels per day by next summer," he said. Then, some crude will be taken to terminals in Steubenville and Wellsville, both on the Ohio River.
Read the rest of the article here.

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