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State Net Capitol Journal: Ohio's $500 Billion Oil Resource Frustrating Drillers

The Utica Shale formation in eastern Ohio grabbed the national spotlight two years ago when the state's Department of Natural Resources estimated it held 5.5 billion barrels of recoverable oil, more than twice Yemen's oil resource and worth nearly $500 billion. But U.S. drillers that set up rigs on the region's rolling farmland are now selling off their acreage because production is not meeting up with the initial predictions.

"The results were somewhat disappointing," said Philip Weiss, an analyst with Argus Research. Early data, he said, is showing "it's not as good as we thought it was going to be."

"We have a lot to learn about producing from these shales," said Jeff Daniels, who runs Ohio State University's Subsurface Energy Resource Center. (BLOOMBERG.COM)

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