News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Northeast Ohio Medical University

Greater Akron Chamber

Akron Children's Hospital


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


BP exits Utica Shale play in Trumbull County
BP says its four active Trumbull County wells have produced meager returns
Story by BRIAN BULL


 
In The Region:
Energy giant BP is a major player in the global energy market, but not so much anymore in Ohio’s burgeoning shale industry. The company announced Tuesday that it’s ceasing operations in the state’s Utica Shale play. From OPR member station WCPN, Brian Bull reports.
LISTEN: BP pulls out of Trumbull County

Other options:
Windows Media / MP3 Download (1:07)


BP writes off more than half billion from shale investment
The announcement came in BP’s first quarterly report of 2014. It’s writing off more than $520 million from its shale investment, most of that for leased land in Ohio’s Trumbull County. 

Its four active wells there have produced meager returns. Mike Chadsey is spokesman for the Ohio Oil and Gas Association. 

“We certainly respect and understand BP’s decision," Mike Chadsey said. 

Not a sign of things to come
Chadsey expressed confidence that BP’s decision is not a bad omen for the state. He says there’s still lots of money to be made from oil and gas in the Utica shale region.

The fact that BP would pull out doesn’t surprise Jim Willis, though. He’s editor of the Marcellus Drilling News, and monitors the shale industry closely. 

He says from the get-go, BP was slow to develop the lands it leased, and a handful of test wells didn’t have the payoff expected.

“They thought that they were getting into a good area, and it is a good area for dry gas, but it’s not a good area for wet gas, or natural gas liquids," Willis said. "The other components that come out of the well, that can really make or break it as far as profitability goes. And so they rolled the dice, and they guessed wrong.” 

Future still uncertain for property owners
It’s unclear who might take these leases off BP’s hands or what they’d pay but other companies do have plans to keep buying and expand drilling in eastern Ohio. 

Jobs not leaving the area
Willis says the jobs aren’t going away.

“Everything from catering to fencing companies, welders," Willis said. "I mean there’s just a huge variety of different companies that are involved in this supply chain. You don’t necessarily have to be right there where the action’s happening, you could be 2-3 counties away, a state away in some cases.”

Production up in Ohio
The Ohio Department of Natural Resources reports that in the last quarter of 2013, natural gas production was up 28 percent over the previous year. 

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook



Stories with Recent Comments

Pluto: The Browns split from Manziel is long overdue
Get Brock Osweiler from the Denver Broncos! He's fantastic and seems like a great person.

Democratic Senate hopeful P.G. Sittenfeld pushes for local gun control
That makes no sense at all... why not let cities determine driving codes as well? Maybe Cincy want's folks to drive on the left side of the road. What could go ...

Exploradio: Autism in the workplace
I would love to get more information re: Autism on The Town and other such programs in Northeast Ohio. Thanks!!

Human trafficking cases rise in Ohio
It is about time this is presented to proceed with a plan of prevention..to protect our youth.And very necessary to inform communities through school, churches ...

Fermented food company aims to preserve Cleveland's farm-to-table movement
This is terrific! I make my own sauerkraut and consider it vital to good health. Well done, I wish you all success.

Ohio doctors get new guidelines for prescribing certain painkillers
I would gladly smoke pot to get off pain killers but its not legal.It would save the hassle of doctor visits for pill counts,pee tests,blood tests,driving to pi...

Ohio unemployment cuts are nearing a Statehouse vote
What about those that are laid off seasonally? My husband has been employed by the same company for 26 years and has been laid off (for the last 17) mid-Januar...

Ban on microbeads is a big step in fighting plastic pollution
What a bunch of liberal "so open minded their brains fell out" tree huggin yuppies. Professing to be wise they became fools.

Who's on -- and left off -- Ohio's medical marijuana task force?
Biggest joke everm these people are evil they know marijuana is harmless they rigged the polls last nov everypne kmows it

Dayton 'Black Lives Matter' protesters to appear in court today
Police to fast with the trigger finger and not the brain.A lot of police officers out here judge by color first instead of accessing the situation first. If a p...

Copyright © 2016 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University