Report: Nearly $100 Billion Invested for Ohio Shale
CLEVELAND, Ohio – Ohio’s shale gas industry has led the nation in growth for the past four years due to large Utica and Marcellus shale deposits, according to a new report released Friday by JobsOhio and Cleveland State University.
The Ohio Shale Investment Report shows that the natural gas and oil industry has put nearly $100 billion in investments into the state. An investment of $2.5 billion was invested between last July and December alone, the report found.
“Our natural gas and oil energy industry is something Ohioans can be proud of,” said George Brown, executive director of Ohio Oil Gas Energy Education Program. “This report shows not only all the work the men and women of this industry are doing, but the immense benefits that are brought to communities across Ohio.”
The JobsOhio/CSU studies have been taking place since 2011, analyzing the natural gas and oil industry’s investments in relation to Utica Shale formation.
Since the beginning of the series of study, an estimated $97.8 billion has been invested in the state of Ohio through December 2021.
Other report highlights:
- Total estimated royalties spent on Ohio properties during the second half of 2021 were nearly $1.2 billion (14% higher than the first half of the year)
- 86 new wells were listed by the Ohio Department of Natural Resources as “drilled,” “drilling” or “producing” during the second half of 2021 (16.2% higher than the first half of the year)
- Ascent Resources and Encino Acquisition Partners Ohio were the top producers during the time period in the state
“The cumulative investment in shale gas development over time has brought thousands of jobs to hard-working Ohioans and affordable energy to residential and industrial consumers,” said J.P. Nauseef, JobsOhio president and CEO. “Ohio has the resources, the regulatory environment, the talent, and the central location to continue to evolve as an international player in shale-related productivity.”
Ohio Oil & Gas Energy Education Program said it is important to acknowledge the potential in Ohio as the current energy crisis continues. The organization believes Utica shale can both provide the nation with better energy opportunities and be used as an economic tool.
The full report can be accessed here.
Published by The Business Journal, Youngstown, Ohio.