Utica Shale Forecasted as America’s Next Big Energy Field
Oil and gas producers are looking to the Utica Shale for the future of American exploration and production. The rock lies more than a mile and a half below the earth’s surface and is believed to be one of the United States’ last untapped shales. The Utica spans over 170,000 square miles beneath eight states and Canada, but analysts have pin-pointed eastern Ohio as having the richest oil and natural gas reserves.
The large oil and gas producers are quickly moving into Ohio, with acquisitions and joint ventures skyrocketing in the region. ExxonMobil and Chesapeake Energy, the two largest natural gas producers, have locked up drilling rights in the shale and many other energy companies are following suit. The per-acre lease price in Ohio has more than doubled from what landowners were previously receiving for the right to drill on their property.
Collaboration between Ohio State University, Marietta College, Central Ohio Technical College, and Zane State College provided an analysis on the potential capital and gain for the state of Ohio.…