Once Prices Improve, Analyst Says Ohio Will Boom

By -
From Cleveland.com:
While slumping energy prices are devastating Pennsylvania's once-booming shale drilling industry, Ohio's nascent fracking industry could be primed to take off once the market improves, according to a prominent industry analyst. 
Oil and gas drilling activity this year has fallen off across the Marcellus and Utica shale formations that lie underneath eastern Ohio and much of Pennsylvania, according to DrillingInfo, a Texas-based energy analytics firm. 
That has led to economic problems in Pennsylvania. But in Ohio, which last year produced about one-eighth as much natural gas as the Keystone State, there haven't been nearly as many jobs to lose. 
As of June – the most recent time that statistics are available – Ohio's oil and gas industry directly employed 2,085 people, down from 2,367 at the same time last year, according to the U.S. Bureau of Labor Statistics. 
In Pennsylvania, oil and gas employment nudged up slightly from 6,422 in June 2014 to 6,486 last June, though Pennsylvania Department of Labor and Industry spokeswoman Sara Goulet said there's been a dropoff in jobs to set up new drilling sites. Local businesses that cater to drillers have also seen sales drop off recently. 
But when prices inevitably rebound, Ohio will be in an enviable position, said DrillingInfo CEO Allen Gilmer. It's already been proven that Ohio sits atop a world-class reservoir of oil and gas, he said, but unlike Pennsylvania, it still hasn't been heavily exploited.
Click here to read the whole article, which features several graphics.

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be...
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividen...
Read more

Do You Know The History of Fracking?

By -
Image
  In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw...
Read more