Oil and natural gas reserves existing in Ohio's portion of the Utica shale could potentially be worth billions, an industry group said on September 20. A report providing specifics was issued during Governor John Kasich's energy summit, The Plain Dealer reports. Aubrey McClendon, Chief Executive of Chesapeake Energy Corporation, told a crowd at the summit he estimates that the play is worth around $500 billion.
An economy impact study was released during Kasich's energy conference that stated that the projected jobs would be created by drilling, exploration, royalties, leasing, production and construction that would be needed to create the infrastructure of pipes need to carry gas and petroleum from the share, according to the media outlet.
Speaking of the potential value of the play, McClendon stated, "I prefer to say half a trillion."
He added that although volatile energy prices make accurate predictions challenging, his estimate is "reasonable."
Kasich has stated that Ohio should allow for development of the Utica Shale, if for no other reason than stimulating the economy, the media outlet reports.