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Monday, September 15, 2014

Utica Shale Draws Comparison to Bakken Shale

From Pennsylvania Business Central:
In 2012, it was the anticipation of drilling oil shale that led Chesapeake Energy, which has the largest number of drilling permits in Ohio, and other E&P companies to pull some rigs from Pennsylvania and Texas and move them to Ohio and other states where shale formations showed promise of producing more oil and natural gas liquids. 
In the past two years, Chesapeake has spent $17 million alone to widen, repair and build new roads to transport equipment and workers to and from its well sites in Ohio. 
The Utica shale play, now in its third year, is producing an average 37,000 barrels of oil per day. By comparison, the Marcellus shale play, which is in its seventh year and covers a much larger area, with many more active wells (6,391 vs. 553 for the Utica), is producing 50,000 barrels per day. 
For new oil production (the first 30 days a well comes online), the Utica surpasses the Marcellus, Haynesville and Permian shale plays. 
The Utica is now producing almost as much natural gas as the Bakken Shale. The Utica has an estimated 38 trillion cubic feet of recoverable natural gas, according to the U.S. Geological Survey; however, the Bakken has significantly more estimated recoverable oil (4.3 billion barrels vs. 940 million barrels for the Utica).
Read the whole article by clicking here.

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