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Friday, February 21, 2014

Analyst Warns That Utica Shale Boom is Still Not a Lock

From Cleveland.com:
Ohio's Utica Shale play is in its infancy, and its future, though promising, is uncertain, a nationally recognized oil and gas industry analyst told a crowd attending Crain's Shale Summit 2014 on Thursday. 
"The Utica is doing well. It has a lot of promise," Houston-based analyst G. Allen Brooks told several hundred attending the conference. 
"The biggest problem is that we don't have a lot of knowledge about this formation and how well it will be producing as we go forward," he said. 
His sobering assessment followed more optimistic remarks earlier in the day from Tom Stewart, executive vice president of the Ohio Oil and Gas Association. Predicting that nearly 1,200 wells will be drilled in 2014 -- adding to the 661 drilled last year -- Stewart said job growth in the eight eastern counties where development is occurring has jumped by 56 percent over the past year.
Read the entire article here. 

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