Gas/Oil eastern Ohio boom

• QuakerOats

  http://marcellus.psu.edu/resources/drilling/index.php
  
  good, basic video
  
  Penn St has an entire department devoted to Marcellus -- great resource.
• fan_from_texas

  QuakerOats;1039638 wrote:The deal is not to "take our natural gas", it is to become a partner in the development of the resource. Chesapeake by itself does not have the ability to completely develop the plays as aggresively as they would like, in fact they are reducing debt levels right now. Bringing in SA allows them to reduce some debt now and at the same time expand on the resource development at a faster pace. SA will get a signficant return on their investment regardless of who the end users of the gas are. There is, at least, over 500 trillion cubic feet of nat gas here --- that is almost an incomprehensible figure. If we play our cards right, this region will benefit in an enormous fashion for decades if not a century or more.

  Exactly. This makes great sense for Ches and the region.
• I Wear Pants

  QuakerOats;1040025 wrote:http://marcellus.psu.edu/resources/drilling/index.php
  
  good, basic video
  
  Penn St has an entire department devoted to Marcellus -- great resource.

  Marcellus is a boys name. *Insert Penn State joke about having an entire department devoted to it.
• Tobias Fünke

  

  QuakerOats;1039638 wrote:There is, at least, over 500 trillion cubic feet of nat gas here --- that is almost an incomprehensible figure. If we play our cards right, this region will benefit in an enormous fashion for decades if not a century or more.

  Ummmmmmmm, what?????
• QuakerOats

  As a reference point there is currently about 3.4 trillion cubic feet in storage, which will deplete over the heating season to about 1.0 trillion, then that gets built up again over next summer and fall. 500 trillion is about 150 times that amount. Yes, WOW. And the 500 trillion is an estimate today, and will likely increase over time as technology allows us to determine how much more is really there.
  
  This is an economy-altering situation of mega proportion.
• ts1227

  

  QuakerOats;1039630 wrote:The big derricks are only on site for a brief time period --- for the drilling etc, and then after the frack, the big equipment is removed. The gas will then flow into tanks and on to transmission pipelines. Not a lot of equipment remains and the footprint is relatively small. I think some have the misconception that these large platforms and derricks remain forever, that is not the case. All told, the sites I have seen look good and are well maintained. And the amount of natural gas being produced from some of the early wells is tremendous. Win/win for all.

  I mean, it's still a big chunk of land that remains fenced off to work on. But, in the rural areas in which they exist, it's not a big deal at all.
• I Wear Pants

  Yeah, no one cares about this thing. The one I'm talking about was literally in the middle of a big field. I was just curious where all the shit went.
• ts1227

  

  I Wear Pants;1040296 wrote:Yeah, no one cares about this thing. The one I'm talking about was literally in the middle of a big field. I was just curious where all the shit went.

  Yeah, that one is in the middle of fucking nowhere.
• j_crazy

  

  Rigs move. I'm on a well now that.will finish up int 20 days. Then we move down the road 2 miles.
• I Wear Pants

  ts1227;1040298 wrote:Yeah, that one is in the middle of fucking nowhere.

  AKA Homeworth.
• ts1227

  

  I Wear Pants;1040674 wrote:AKA Homeworth.

  Also true.
• Doverbuck

  Schlumberger Limited will be locating in Strasburg, Schlumberger had revenues of 27.45 BILLION last year Schlumberger is an oil field service provider and will create several hundred jobs,Schlumberger will also create numerous spin off buisness. Wages at Schlumberger are 40-50,000 to start and benefits are in the top 10% of fortune 500 companies.
  
  This is the 3rd major jobs story in about 7 days for Tusc county,and we have not yet begun to do much drilling,that will start around Feb or March.
• Bigred1995

  

  Doverbuck;1040850 wrote:Schlumberger Limited will be locating in Strasburg, Schlumberger had revenues of 27.45 BILLION last year Schlumberger is an oil field service provider and will create several hundred jobs,Schlumberger will also create numerous spin off buisness. Wages at Schlumberger are 40-50,000 to start and benefits are in the top 10% of fortune 500 companies.
  
  This is the 3rd major jobs story in about 7 days for Tusc county,and we have not yet begun to do much drilling,that will start around Feb or March.

  
  These guys bring breakfast to our office every other week or so, and of all of the vendors that do, these guys are one of the best! Halliburton brings a good breakfast too!!!
  
  Hope this helps!
• Tiernan

  Maybe NE Ohio will crack off and slide into Lake Erie. Be kinda nice to have some beach front property in Mansfield.
• oberhaus

  

  Tiernan;1041132 wrote:Maybe NE Ohio will crack off and slide into Lake Erie. Be kinda nice to have some beach front property in Mansfield.

  
  Wish they would find this shit in NW Ohio.
• Doverbuck

  City of Dover announced they will be selling water from a well drilled in the early 90's but never used,they expect to earn 20 to $30,000 per month.
• Thinthickbigred

  Alot of oil has been found with the natural gas . It could be the biggest deposit since Prudo Bay Alaska . We need to get these rigs up and moving It will last 70 years or more in the Jefferson county area .
• j_crazy

  

  My wife is ready to come home. So if its for real I may look into a job in Ohio.
• Doverbuck

  It is for real,millions of dollars have already been poured into preparing the area for what will be happening. The first water hauling is scheduled for Jan 16 which will signal the start of the process. Another job fair is being held,pay starts at 40, to $50,000 per year. We should no longer hear anyone complain they can't get a job,it will be a case of not wanting to work. It is now put up or shut up time for deadbeats.
• fan_from_texas

  And . . . Chesapeake just announced that it will slash gas drilling by nearly half because of low gas prices. So maybe this won't be the boom you're all expecting.
• QuakerOats

  Not exactly accurate --- Chesapeake is only cutting back on output by 8% (.5 bcf per day); and they may reduce by another .5 bcf per day in the future depending on prices, which are 52% lower than the same time a year ago.
  
  It has to be noted that of great importance within these plays (Utica and Marcellus) are the wet gasses and because of the value of butane, ethane, propane etc... (not to mention oil) many operators will, and must, pull the natural gas as well even though the price has plummeted due the current glut, which is explaining in part why oil and nat gas have lost their pricing relationship; it has been an inverse relationship lately. Thus, if you are a user of nat gas it has been a great situation because they continue to pull it even though prices are low in order to get to the other liquids.
  
  And Chesapeake is not the only player either --- here is a recent update on permits from ODNR:
  http://www.ohiodnr.com/portals/11/oil/pdf/Utica.pdf
  
  
  XTO Energy Inc
  Enervest Operating LLC
  Devon Energy Production Co
  Anadarko E & P Co. LP
  Chesapeake Exploration LLC
  HG Energy
  CNX Gas Company
  Petroleum Development Corp
  Ohio Buckeye Energy
  Gulfport Energy Corp
  Marquette Exploration LLC
  Eclipse Resources LP
  
  
  And, I am hearing underneath all of this is the potential for mega oil - Black River oil.
• sjmvsfscs08

  QuakerOats;1064103 wrote: And, I am hearing underneath all of this is the potential for mega oil - Black River oil.

  Please elaborate.
• QuakerOats

  Trenton-Black River --- gas/oil --- located underneath the Utica from New York running southwest to WVA, including Ohio.
• fan_from_texas

  I was reading http://online.wsj.com/article/SB10001424052970203806504577178651732511974.html?mod=WSJ_business_whatsNews
  

  Taking a drastic step to stem a glut of natural gas that has pushed prices down 45% in the last year, the nation's second-largest producer said it will slash gas drilling by nearly half.

  Much of the impact will probably depend on what other players in the market do.
• QuakerOats

  gotcha ..... thanks.