Upstream investments in Ohio’s Utica rebounded last year
Friday, June 17, 2022
Ohio’s natural gas and oil producers spent about $2.2 billion during the first half of last year on upstream investments, making up a majority of the $2.3 billion spent in the Utica Shale, according to Natural Gas Intelligence.
The amount invested was around a $361 million increase over the last half of 2020. The rising gas and oil prices during the period helped boost royalties paid to the state, which accounted for more than $1 billion of the investments tracked during the period.
The top six producers during the first half of 2021 made up around 89% of the total production, according to Ohio Department of Natural Resources data. Acent Resources Utica Holdings LLC was the top producer during the period, with 389 Bcf, followed by Encino Energy LLC with 196 Bcf and Gulfport Energy Corp. at 173 Bcf.
Learn more: Natural Gas Intelligence > Upstream Investments in Ohio’s Utica Saw Post COVID-19 Rebound Early Last Year
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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.