The Ohio Department of Natural Resources once estimated the Utica shale under Ohio contained $500 billion in oil reserves.
According to a recent Bloomberg.com article “Ohio’s $500 Billion Oil Dream Fades as Utica Turns Gassy,” oil companies like Chesapeake Energy are putting their acres up for sale.
But despite those reports, an executive involved in the $300 million cryogenic gas processing plant in Springfield Township said he believes the Utica and Marcellus shale plays could provide fuel for the next 100 years.
On Tuesday, crews continued preparing a 90-acre site off Stateline Road for a proposed gas processing plant that will take in fuel from the surrounding region. NiSource Midstream Services Chief Operating Officer Chad Zamarin said a processing facility and about 55 miles of pipeline could be operational as early as the end of this year.
NiSource is one of the companies partnering on the project.
“We expect that that’s the first phase of a multiphase investment in this local area and we see just in the near term up to a billion dollars of investment around this particular facility and footprints,” Zamarin said.
Zamarin said actual construction should get underway in about six weeks. He predicted the construction alone could mean about 1,000 jobs for the area. Once the plant is online, roughly two dozen people would be employed there.
“We think at any given time you could peak at around 1,000 jobs in the area. Obviously, we’re buying a lot of local materials, a lot of local businesses that we’re working with and partnering with, and that will be supporting the activity around the area,” Zamarin said.