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BP gains access to shale-rich Ohio site

28th March 2012

BP to embark on shale gas project which could unleash up to 15.7tr cubic feet of natural gas.

Ohio rock formation contains potentially vast shale gas reserves

A shale-rich basin northeast of Ohio has been leased by BP as part of a bid to expand its onshore gas portfolio. 

The Utica/Point Pleasant is a relatively new and promising shale basin which could contain between 1.3 and 5.5bn barrels of oil and between 3.8 and 15.7 tr cubic feet of natural gas, said BP.
 
The rock formation spans 1000 acres, has a depth of 6000 feet and, and according to BP, is of similar thickness to the Marcellus.

Lamar McKay, chairman and president of BP America said the investment will “create jobs, bolster the local economy and provide additional sources of energy from an important emerging American resource”.

“Over the last five years BP has been America’s largest energy investor with vast experience in developing natural gas resources. We intend to bring our expertise and the highest industry safety and environmental management practices to this project,” he added.
 
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.
 
In the lower 48 US states, BP and its co-owners operate fields holding some 50tr cubic feet of natural gas, enough to satisfy US needs for more than two years, claims BP.

Currently BP has active shale positions in the Woodford, Haynesville, Fayetteville and Eagle Ford.

Earlier this month rival energy giant, Shell, entered into a production agreement with China National Petroleum Corporation (CNPC) to help China explore its vast, and currently untapped, shale gas reserves.

India has also stepped up momentum to unleash the resource, opening bidding on 23 March for energy companies to access its shale reserves by 2013.

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