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Tuesday, November 27, 2012

So, Is the Utica Shale a Hot Spot for Oil or Not?

After Chesapeake Energy CEO Aubrey McClendon made it clear earlier this month that his company was no longer optimistic about getting huge amounts of oil from the Utica shale, a new report suggests that the oil window in Ohio may not be as bad as McClendon's comments indicate.

From Crain's Cleveland Business:
Drawing on drilling rig activity reports published by Baker Hughes Inc., EIA said in a “Today in Energy” mini-report last week “that there were twice as many active rigs in Ohio's Utica oil and gas play at the end of October than a year ago,” MidwestEnergyNews.com reports.

The big difference was oil exploration.

“The growth in active oil-directed rigs has more than offset the declines in active gas-directed rigs. According to Baker Hughes, about 86 percent, or 24 out of 28 active rigs in the Utica play, were directed toward drilling for shale oil,” the EIA stated. A year ago, about 15% were looking for shale oil in the state.
Read the whole article here.

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