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Tuesday, June 3, 2014

EQT Scaling Back Utica Shale Operations in Guernsey County

From Ohio Gas & Oil:
Amidst rumors that EQT Corporation has left the area, specifically Guernsey County, an e-mail was sent to the company asking them to confirm or dismiss what is quickly spreading through the grapevine, in order to alleviate speculation that the oil boom is already faltering. 
Response to the question was answered by Steve Schlotterbeck, executive vice president and president, Exploration and Production for EQT Corp. 
“Originally, we anticipated drilling 21 Utica wells in Ohio this year. Thus far, we’ve drilled eight wells, with three of those turned inline. The first wells we drilled were not where they needed to be to have a viable economic play; therefore, we have scaled back our operations to concentrate on our current production rates to learn more about what the future holds. 
“Based on results and the data we collected during completions to date, we saw some very specific outcomes we want to address in the next stage. We’ll finish fracturing three additional wells, get them inline midyear, gather more data and evaluate the results. Based on that, we have two additional wells where we will have an opportunity to modify the completion design in order to potentially see increased production.
Read the entire article by clicking here.

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