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Follow on Google News | Utica Shale, 2012 - Oil and Gas Market Analysis and Forecasts to 2020Utica Shale will Witness Increased Exploration and Production Activities in the Future
By: Rajesh Gunnam The drilling activities in the Utica shale are expected to increase significantly in 2012 and onwards. Major commercial production from the shale is expected to start in 2012. Total production from the Utica shale is expected to increase from approximately 76.9 million cubic feet equivalent per day (MMcfe/d) in 2012 to 1,676.0 MMcfe/d in 2020, at an average annual growth rate (AAGR) of 47.0%. The figure below shows the production forecast for the Utica shale for 2012-2020. Chesapeake Energy Corporation (Chesapeake) However, the drilling in this province slowed down due to low natural gas prices and tightened regulations. Therefore, the Utica shale in Ohio is the latest focus for drilling in the shale. Significant merger and acquisition (M&A) activities have been reported in the Utica shale in Ohio and the trend is expected to continue in future. For Sample Pages, please click or add the below link to your browser: http://www.globaldata.com/ The Quebec's Minister of Environment and Sustainable Development released a report by the Bureau d’Audiences Publiques sur l’Environnement (BAPE) in March 2011. This report proposed a Strategic Environmental Assessment (SEA) of the shale gas industry in the province of Quebec, which is expected to take up to two and half years to complete. The Quebec government has prohibited any shale drilling in the province until the study is completed. Consequently, the drilling in the Utica shale in Quebec has been stopped, except for the drilling required to collect the data required for the study. Additionally, a higher royalty regime proposed in 2011, if adopted, will result in lower profitability for operations by the oil and gas companies in Quebec. This will also affect future drilling activities negatively. Thus, the scenario of development for the Utica shale in Quebec is subject to the SEA report and government’s decision on the report’s findings. Moreover, the drilling activities in the Utica shale in Ohio accelerated in 2011. The shale in Ohio is estimated to contain recoverable resource potential of 2-8.2 billion barrels of oil equivalent (Bboe), subject to recovery factor. Many oil and gas companies have entered into the Utica shale in Ohio and the trend is expected to continue in the future. This will accelerate the pace of development for the Utica shale in coming years. Thus, the prospects for the Utica shale in Ohio are more promising than for the Utica shale in Quebec. “Utica Shale, 2012 - Oil and Gas Market Analysis and Forecasts to 2020” is the latest report from GlobalData, the industry analysis specialist that provides insight into the Utica Shale’a major activities in the US and Canada. The report highlights the liquids and gas exploration potential in the shale, providing details of the key exploration areas, major companies exploring the Utica shale and the drivers for the shale exploration in the North America. The report also emphasizes on Utica shale’s exploration and production aspects, and also gives an overview of various strategic developments for improving the infrastructure in the Utica shale in North America. For further details, please click or add the below link to your browser: http://www.globaldata.com/ Visit our report store: http://www.globaldata.com/ For more details contact: pressreleases@ North America: +1 646 395 5477 Europe: Asia Pacific: # # # GlobalData is a global market intelligence services company providing information research and analysis products and services. End
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