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COLUMBUS, Ohio, Dec. 17, 2024 (GLOBE NEWSWIRE) — According to a Cleveland State University (CSU) study, total investment in Ohio’s shale energy sector was approximately $3.1 billion in the second half of 2023. The latest report, prepared for JobsOhio, Ohio’s private non-profit economic development corporation, covers shale-related investment in Ohio from July 2023 through December 2023 and cumulates total investment from 2011 forward.
You are viewing: Ohio’s Shale Energy Industry Attracts $3.1 Billion in Direct Investment in Second Half of 2023 with Cumulative Investment Reaching $108.2 Billion
The study from CSU’s Energy Policy Center at the Maxine Goodman Levin School of Urban Affairs revealed that with previous investments to date, cumulative oil and gas investment in Ohio through December 2023 is estimated to be around $108.2 billion. Of this, $76.7 billion has been in upstream, $22 billion in midstream, and $9.5 billion in downstream industries. The study showed that cumulative shale-related investment steadily rose between 2011 and 2023.
As the spread between oil and natural gas prices has increased, finding and development (F&D) costs for oil have been falling, driven by innovations that improve the operational efficiency of production from shale wells. The study suggests that the application of artificial intelligence (AI) to upstream operations could drive additional improvements.
“As natural gas exploration technology continues to evolve, Ohio’s abundance of resources can play an essential role in supporting economic growth in industries like advanced manufacturing, healthcare, polymers, construction, aviation, and automotive,” said JobsOhio President and CEO J.P. Nauseef. “Since 2011, the shale-related investment in Ohio’s energy economy has steadily increased to $108.2 billion as industry experts and investors look to the state for growth.”
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“Total shale-related investment was up $1 billion in the second half of 2023 compared to the first half of the year, due largely to construction starting on a major natural gas power plant,” said Mark Henning, Research Supervisor for the Energy Policy Center in the Maxine Goodman Levin School or Urban Affairs at CSU. “This level of overall investment will likely continue as upstream producers continue to ramp up activities in the region’s oil window, where we have seen new well development more than double during the first half of 2024 compared to the second half of last year.”
Upstream Investment
Overall, upstream investments were down by about $332 million in the second half of 2023 compared to the first half of the year, reflecting a decline in the number of new wells drilled. Oil prices have remained high relative to natural gas prices, sustaining an average oil-to-price ratio of 6:1 since the beginning of 2023.
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