Chesapeake Maintains Position As Top Oil and Gas Producer In Utica Shale
A recent report from the Ohio Department of Natural Resources has indicated that Chesapeake Energy Corporation was the top producer of both oil and gas in Ohio’s Utica Shale play in 2012. The Ohio Department of Natural Resources indicated that production reports were submitted for 87 wells, of which 53 were drilled by Chesapeake.
Of the 11 companies listed in the shale gas production report, Chesapeake’s closest competitors produced less than one-third of the oil and less than one-tenth of the natural gas than that of Chesapeake. Experts believe that this low number of producers indicates that the Utica play still remains in its early stage of development and, a lack of pipelines and processing plants in eastern Ohio appear to be holding back production at well sites. Look for this to change in 2013 with planned Utica activity by several major oil companies such as BP and Chevron.