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Tuesday, June 24, 2014

New Ohio Seismic Regulations Good For Oil and Gas Industry and Insurance Companies, Says Geologist

From Insurance Journal:
In its announcement, the ODNR said that if a seismic event in excess of 1.0 magnitude is detected, “activities would pause while the cause is investigated. If the investigation reveals a probable connection to the hydraulic fracturing process, all well completion operations will be suspended.” 
“ODNR’s directives are a sensible response to a serious issue that regulators across the country are closely examining,” said Gerry Baker, associate execu­tive director of the Interstate Oil and Gas Compact Commission, which works with Ohio and other states to share scientific data in order understand the relationship between seismic activity and oil and gas drilling. 
The new regulations in Ohio, which has seen an uptick in drilling activity in the Marcellus and Utica shale regions, make sense for regulators, oil and gas operators, and insurers, according to Bolz, a geologist who worked in the oil and gas industry before he entered the insurance business.
Read the whole article by clicking here.

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