Falling Oil Prices Slows Shale Expansion in Ohio

oil-pump-300x200Shale Energy Insider

By James Perkins

The future of drilling in north Ohio shale deposits is on hold because of basic economics, according to local political leaders. There were tentative plans to begin exploratory wells in the spring of 2014, but a lack of demand and increased production in the south of the state, elsewhere has stalled progress.

Geographical surveys have indicated there are large deposits of shale throughout Ashtabula County, although the exact size and monetary value of the resource has not yet been disclosed. BP has pulled out of some of their wells because of a lack of production but residents have already negotiated drilling rights with shale extraction companies.

Most of the exploratory drilling just did not materialize,” said Ashtabula County Commissioner Joe Moroski.

We are still going to be on hold for a while,” said State Rep. John Patterson who said with the falling price of oil there was a slowdown in demand but hoped it would be “temporary”.

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