Utica Shale investment clears $50 billion in Ohio
Monday, June 5, 2017
A Cleveland State University study found that overall Utica Shale investment in Ohio surpassed $50.4 billion from 2011 to June 2016, according to Kallanish Energy.
The estimated total includes $38.8 billion in upstream investment by oil and gas operators, $8.1 billion in midstream projects and $3.3 billion in downstream investment. The major investors have been Chesapeake Exploration ($7.39 billion), Gulfport Energy ($3.20 billion), Antero Resources ($2.31 billion), Ascent Resources Utica ($1.91 billion), and Eclipse Resources ($1.18 billion). Combined they spent over $16 billion during the 66-month timeframe.
The totals exclude spending on royalties, lease operating expenses, bonuses for undeveloped acreage and taxes.
Learn more: Kallanish Energy > Shale-related investment in Ohio tops $50.4B: study
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.