500,000 Barrels of Oil a Day From the Utica Shale is a Possibility

From the Akron Beacon Journal:
The Utica shale was the topic for the 15th Northeast Ohio Logistics Conference & Golf Open. The event was sponsored by the Northeast Ohio Trade & Economic Consortium and the Port of Cleveland. Many of the participants attended to find out how their businesses can become part of the Utica shale supply chain.
Morning program speakers used the phrase “game changer” to describe the just-started tapping of the Utica shale — using hydraulic fracturing, or fracking, and horizontal drilling — that underlies the eastern half and southern parts of Ohio.
The Utica shale likely will become the nation’s third largest shale producer of oil and natural gas, including gas liquids, after the Bakken shale in North Dakota and Eagle Ford shale in Texas, said Steve Fillingham, senior associate at Colorado-based Energy Analysts International (EAI) Inc.
Conservatively, Ohio will be pumping 250,000 barrels of oil daily out of the Utica in just a couple of years, Fillingham said. It is possible that as much as 500,000 barrels of oil will be coming out of the shale each day, he said.
“That’s big,” Fillingham said.
Better forecasts will have to wait until at least 500 Utica shale wells are drilled in the state, he said. A little more than 100 wells have been drilled to date this year; the state estimates that will swell to more than 1,900 wells in 2014.
Early Utica shale industry reports on oil potential are “weighted on the good side,” Fillingham said. “That’s why there’s so much excitement. … We can’t count out the potential for 500,000 barrels a day. … 300,000 barrels may be conservative.”
The growth of Utica shale means that railways and trucking companies will be in huge demand to help set up drilling rigs to haul away oil and related liquids, participants said.
Read the rest of the article here.

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

The Second Largest Oil and Gas Merger - Cabot and Cimarex

Josh Fox Takes Another Approach to Attacking Oil & Gas Industry: They Don't Care About Worker Safety