Production expected to increase next month for the Utica shale
Tuesday, February 23, 2016
Forecasts for Utica shale oil and gas production show an increase for March, reports The Columbus Dispatch.
The U.S. Energy Information Administration’s monthly report shows that the Utica is one of two formations in the report that will increase oil production in March. It is the only shale play that will increase natural gas production in March.
Even though production will rise, there aren’t as many wells being drilled, and there are fewer rigs operating in the state. According to the newspaper, the Utica shale was the last formation to be developed before prices fell in late 2014, so it’s the last one to slow down in terms of production.
Read more: The Columbus Dispatch > Ohio gas and oil production stand out nationally, for now
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Depending on the company, royalty payments can arrive monthly or quarterly.
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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.
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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.