So, Is the Utica Shale a Hot Spot for Oil or Not?

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After Chesapeake Energy CEO Aubrey McClendon made it clear earlier this month that his company was no longer optimistic about getting huge amounts of oil from the Utica shale, a new report suggests that the oil window in Ohio may not be as bad as McClendon's comments indicate.

From Crain's Cleveland Business:
Drawing on drilling rig activity reports published by Baker Hughes Inc., EIA said in a “Today in Energy” mini-report last week “that there were twice as many active rigs in Ohio's Utica oil and gas play at the end of October than a year ago,” MidwestEnergyNews.com reports.

The big difference was oil exploration.

“The growth in active oil-directed rigs has more than offset the declines in active gas-directed rigs. According to Baker Hughes, about 86 percent, or 24 out of 28 active rigs in the Utica play, were directed toward drilling for shale oil,” the EIA stated. A year ago, about 15% were looking for shale oil in the state.
Read the whole article here.

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