Although oil production is not new to Ohio, it is gaining more of a presence in the production that is stemming from the Utica shale.
The Utica shale play has been garnering significant attention from industry observers, and a lot of media focus has been placed on Ohio's role in the development of the play, Rigzone reports.
Estimates of the total resources contained in the play have varied. At a recent energy summit, Chesapeake Energy Corporation chief executive Aubrey McClendon told an audience his estimate that the play could worth as much as $500 billion, according to a statement.
"I prefer to say half a trillion," McClendon said at Kasich's conference, according to the statement. He stated that his estimate is "reasonable" even though fluctuating commodity prices make predictions difficult.
An Economic Impact report done by Kleinhenz and Associates for the Ohio Oil and Gas Energy Education Association predicted that exploration and production companies are expected to spend a total of $34 billion on royalty payments to landowners, pipelines and other costs associated with leasing.