Market Commentary and Intraday News
US releases estimate of Utica Shale reserves
256 days ago
By MICHAEL RUBINKAM
Government geologists say the Utica Shale formation holds about 38 trillion feet of recoverable natural gas.
The Utica lies beneath the Marcellus Shale in parts of Pennsylvania, Ohio, West Virginia, Virginia, New York and Maryland. It's the first assessment of the Utica by the U.S. Geological Survey.
The agency said Friday it estimates the formation holds about 940 million barrels of oil and 9 million barrels of natural gas liquids.
The Marcellus is considered to be one of the richest natural gas reserves in the world. The drilling industry is also paying increasing attention to the Utica.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.