BP to lease in Ohio Utica/Point Pleasant shale

By OGJ editors

BP North America has signed an agreement to lease 84,000 acres in Trumbull County, Ohio, 30-40 miles east of Cleveland, for future oil and gas production in the Utica/Point Pleasant shale formation.

BP said it will sign confidential agreements with individual landowners who are part of a group known as Associated Landowners of the Ohio Valley. Terms are not disclosed.

BP described the Utica/Point Pleasant as a shale at a depth of about 6,000 ft that is of similar thickness to the Marcellus shale and has the potential to deliver higher liquids rates.

The Ohio Department of Natural Resources estimates a recoverable Utica shale potential between 1.3 billion and 5.5 billion bbl of oil and 3.8 to 15.7 tcf of natural gas.

Tim Harrington, regional president of BP’s North America Gas business, said, “We are very encouraged by what we have seen of the Utica/Point Pleasant formation. Our focus in 2012 will be to better understand the geology and devise a plan to safely develop the resource.”

BP is the second largest oil and gas producer in the US with a workforce of about 23,000 people, making BP the country’s second largest oil and gas employer. The company has been the largest US oil and gas investor the past 5 years.

The company has a presence in seven leading US onshore basins and has active shale positions in the Woodford, Haynesville, Fayetteville, and Eagle Ford plays.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...