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Monday, November 18, 2013

BP to Decide Future Utica Shale Plans Soon

From NGI:
After nearly two years dedicated to its closely watched appraisal program in Ohio, BP America expects to make an announcement early next year about whether it intends to go forward with Utica operations and make the play a material part of its business. 
Considered by many to be a bold move at the time, BP established its Utica acreage position in March 2012, when it announced a $331 million deal with members of the Associated Landowners of the Ohio Valley -- a group representing area mineral owners -- to secure the rights to about 84,000 acres in Trumbull County, OH, a largely unproven area where only two other companies are active in the northern reaches of the play. 
Shortly after that deal was finalized, BP went on to lease another 105,000 acres in northeast Ohio, far removed from the liquids-rich sweet spot that has emerged in the southeastern part of the state. 
Initially, the company planned to spud 10 test wells in Trumbull County. Thus far, those plans are on track, with four wells completed -- one of which is producing, according to records at the Ohio Department of Natural Resources.
Read the whole article here. 

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