Ohio state geologists estimate the size of the Utica shale in just their state could be one third of Alaska’s Prudhoe Bay, one of the largest domestic oil supplies in the last 40 years.
The oil and natural gas contained in Utica have already attracted capital from several companies, which include Chesapeake Energy, the world's leading shale-gas producer, AOL Energy reports.
Ohio state geologists have estimated that the portion of the play that exists in the state could hold up to 5.5 billion barrels of oil and as much as 15 trillion cubic feet of natural gas, according to the media outlet. The oil resources provided in this estimate amount to a third of the production of Alaska's Prudhoe Bay, which is the country's biggest oil reserve. The amount of natural gas provided by the Ohio state estimate would make the Utica play a significant component of U.S. supplies of the fuel.
Several industry insiders as well as the United States Geological Survey have estimated the total resources included in the play. Aubrey McClendon, Chief Executive of Chesapeake Energy Corporation, told a crowd at Governor John Kasich's energy summit that the play could potentially be worth $500 billion.