Oil exploration companies are bullish on the prospects for substantial oil production from the Utica Shale formation in eastern Ohio, according to articles published by CNBC and Dow Jones newswires.
Aubrey McClendon, CEO of Chesapeake Energy, described the Ohio oil find as possibly "one of our biggest discoveries in U.S. history" in a recent appearance with Jim Cramer on CNBC. He said there could be an investment of up to $200 billion to drill as many as 25,000 wells. The region could produce the equivalent of 25 billion barrels of oil and other petroleum products, McClendon said.
The Utica Shale oil find is described at length in a Dow Jones newswire article from February 2011 that is featured on Rigzone.com. "Ohio is bracing for an oil boom as companies, led by Chesapeake, gobble up leases covering millions of acres in the eastern half of the state," the article states. "While no one's yet proven the commercial potential of the Utica formation, an oil-rich layer of rock that underlies this area, some believe it will yield crude on par with the largest shale reservoirs in the U.S. and spark a Rust Belt resurrection."
The article continues: "Though there's no large-scale production from Utica wells yet, stakeholders say its potential is comparable to the Eagle Ford formation in south Texas, where wells turn out thousands of barrels a day and leases can exceed $12,000 an acre."