Oil and gas companies aggressively are transitioning from the exploration stage to the development stage in the Utica Shale play, creating business opportunities in the natural gas supply chain.
What is the Utica Shale play?
The Utica Shale play is a natural resource area comprised of shale formations deep underground that are proving to contain significant quantities of both natural gas and valuable natural gas liquids, such as ethane, butane and pentane. The development of the Utica Shale play has been focused in Eastern Ohio and Pennsylvania. Since December 2009, 321 permits for horizontal wells have been issued and 110 horizontal wells have been drilled in Ohio. According to the Ohio Department of Natural Resources, more than 4,000 additional wells are expected by 2015. The Ohio Oil & Gas Energy Education Program projects that this drilling activity will result in more than 204,500 jobs in Ohio, all directly or indirectly related to the natural gas supply chain. Given these projections, the development of shale gas will create enormous opportunities for Ohio businesses. Businesses wishing to participate in these expanding opportunities need to focus their attention on the natural gas supply chain now or face being left behind.