DUG East Conference & Exhibition
Is the Utica set to surpass the Marcellus?
Situated 3,000-7,000 feet below the Marcellus shale formation (the world's top shale gas resource) is another source rock with significant potential. According to EIA data, in 2007 Utica natural gas and oil production was just 153,264 MMcf/d and 8,953 bbl/d respectively. By April 2015, its natural gas production is estimated to reach 1.9Bcf/d—an increase of almost 1,200%, and its oil production should reach 62,048 bbl/d—an increase of almost 700%.
Impressive numbers for sure, but even they don't tell the whole story. In December 2014, Range Resources announced that its first Utica well had become the most productive to date in the play's dry gas window. The well achieved an initial flow of 59 MMcf/d of natural gas. Couple that with Magnum Hunter's record-breaking well last October (which produced 46.5 MMcf/d of natural gas) and key Shell discoveries outside of the Utica's sweet spot in eastern Ohio, and the bigger picture becomes clear. The Utica offers substantial potential, and its pay zone extends much further than originally expected.
Aubrey McClendon, former CEO of Chesapeake Energy, has referred to the Utica as "the biggest thing economically to hit Ohio, since maybe the plow." And he says "pound for pound, it's the best gas rock in the U.S." According to one senior Shell executive, "the Utica has the potential to trump the Marcellus." These facts remain to be seen, but the Utica's vast potential is certainly grabbing the attention of the world's leading producers and global media.
Hear directly from top producers in the Utica at DUG East, June 23-25, 2015 at the David L. Lawrence Convention Center in Pittsburgh, PA. Through the sessions like the "Operator Spotlight: Utica Gas & Liquids," attendees will get an in-depth look at this rapidly emerging play. Click here to view the complete conference agenda.