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Thursday, February 5, 2015

Utica Rig Count Drops by 8, Permitting Remains Slow

Utica shale permitting activity continues to slacken, according to the latest weekly report from the Ohio Department of Natural Resources.  The rig count also fell last week after rebounding the week before.

There were 14 new permits issued last week.  The counties broke down as follows: Belmont (6), Noble (4), Guernsey (1), Monroe (1), Tuscarawas (1), and Wayne (1).

These 14 permits bring the cumulative total to 1,791, within striking distance of another milestone number.  1,341 wells have now been drilled, and 729 are producing.

The Utica rig count rebounded to 48 two weeks ago, but this week fell sharply to 40 as activity slows.  With such low oil prices, this is hardly a surprise.

View the whole report by clicking here.

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