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Monday, October 31, 2016

Even as Activity Has Slowed, Ohio Continues to Feel Benefits of Shale Boom

From the Marietta Times:
At times over the past few years it may have felt like Ohio’s shale revolution was over before it had even begun. The number of drilling rigs exploring for oil and natural gas has fallen by more than 70% over the last two years. Some energy companies even called it quits or faced bankruptcy. But make no mistake, the shale revolution has continued and it’s having an extremely positive impact on the state.

The number of rigs drilling for oil and gas in Ohio’s Utica shale is just a third of what it was in 2015, but overall production continues to grow. Monthly natural gas production has increased from just 0.1 billion cubic feet per day (Bcf/d) at the close of 2012, to more than 3.5 Bcf/d in June of this year. 
Energy companies in Ohio have gotten very good at what they do. The amount of natural gas produced from each new Utica well is now six times what it was for a well drilled in 2012. Ohio’s shale industry has proven its staying power. 
We have now entered a new phase in the shale revolution. It has already brought drilling jobs and pipeline and processing-plant construction jobs. It’s also creating jobs building new natural gas power plants and electricity transmission lines that will replace the state’s aging fleet of coal plants. In just the past five years, the Ohio Power Siting Board has approved 5,000 megawatts of new natural gas power capacity — enough capacity to power five million homes. These new power plants — many of them coming in southeast Ohio’s shale counties — represent billions of dollars in new investment and thousands of jobs that will be around for decades.
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