Now, a new article adds another voice to the side of the argument that says it isn't time to write off the Utica shale.
From Crain's Cleveland Business:
So, is the Utica shale boom over?
That was the impression some observers said was created by an April 15 Bloomberg news story titled, “Ohio's $500 billion oil dream fades as Utica turns gassy.”
Read the whole article here.But those observers say people who think the Utica is a bust are missing the point. Oil was not the Utica's major attraction to begin with — “wet” gas that contains not just methane, but ethane and other valuable liquids has been the major lure for drillers.
Oil, if it was found and successfully extracted, would just be a bonus.
Nonetheless the story drew attention to some developments in Ohio that are open to interpretation. Those developments include the large-scale sale of mineral rights leases by some of the Utica's big producers — among them the biggest producer by far, Oklahoma City-based Chesapeake Energy.
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