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Friday, November 25, 2016

2015 Oil & Gas Production in Ohio Was Up, But Value Was Down

From NGI:
The combined value of Ohio's oil and natural gas production last year came in under $3 billion, or about $130 million less than it was in 2014, according to an annual mineral industries report released this week by the Ohio Department of Natural Resources' (ODNR) Division of Geological Survey. 
Oil and natural gas production was valued at more than $3.1 billion in 2014. Despite a banner year for production, low oil and gas prices brought down the value of production in the state to about $2.97 billion last year. ODNR said that while the value of natural gas in the state last year actually increased by 2.1% from 2014, the value of oil was down by nearly 18% year/year. 
The report, which provides economic information about the state's extraction industries, was changed for the 2015 reporting year. The detailed oil and gas portion of the analysis was excluded to eliminate duplicate reporting by the Division of Geological Survey and ODNR's Division of Oil and Gas Resources, which tracks and publishes drilling and production information.
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