ODNR plans to issue fewer horizontal drilling permits this year
Monday, April 13, 2015
In 2014, the Ohio Department of Natural Resources issued 702 horizontal drilling permits. The Repository reports that this year, ODNR planned to issue 800, but now that oil and natural gas prices have plummeted, it expects to only issue 550 to 600 permits.
Last year, oil production and natural gas production tripled and quadrupled, respectively. Production is expected to grow in 2015, but probably not as much as in the past few years. While low oil and gas prices have affected drilling, rigs have also become more efficient and have been able to drill wells more quickly, leading to fewer rigs in the state.
Via: The Repository > State: Fewer horizontal drilling permits this year
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.