November 2012, Vol. 239 No. 11

In The News

New Estimate Of Utica Shale Reserves

Government officials report the Utica Shale formation holds about 38 Tcf of recoverable natural gas. In its first assessment the U.S. Geological Survey said it estimates the formation holds about 940 million barrels of oil and 9 million barrels of natural gas liquids. A report by the Energy Information Administration says gas production has flattened since late 2011 in response to lower prices but volumes remain at historically high levels. From January through July, marketed production set a record for the first seven months of any year, averaging 69 Bcf/d, up 4 Bcf/d, or 6%, from the same period a year earlier. The number of drill rigs operating in Pennsylvania’s Marce

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