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Friday, December 6, 2013

Projections Say Ohio's Real Utica Shale Boom Could Be Right Around the Corner

From Cleveland.com:
"The 2013 production numbers will be significant," he said, adding that the private projections he has seen are difficult to believe. 
James Halloran, an energy analyst and member of the gas association's board of directors, told the crowd attending the symposium that the state anticipates issuing 2,573 Utica drilling permits by the end of 2015. 
The state estimates that 1,830 wells will have been drilled by the end of 2015, but that only 750 wells will be producing -- with full production still constrained by a lack of pipeline and processing facilities. 
And because of technology improvements, the cost to drill every new well will probably be less, and the production rates per well will be higher, he said, meaning that the supply surplus could continue -- keeping the market price of gas somewhere between $4 and $6 per 1,000 cubic feet.
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