Utica/Point Pleasant is a relatively new and very promising shale basin that includes a potentially significant liquids-rich gas source.
The terms of the deal were not disclosed though BP signed an agreement with the Associated Landowners of the Ohio Valley (ALOV), a group representing area mineral owners.
The Utica/Point Pleasant shale is at a depth of about 6,000ft and has similar thickness to the Marcellus with the potential to deliver higher liquids rates.
The Ohio Department of Natural Resources estimates a recoverable Utica shale potential between 1.3 and 5.5 billion barrels of oil and between 3.8 and 15.7 trillion cubic feet of natural gas, the company stated.
Currently BP has active shale positions in the Woodford, Haynesville, Fayetteville and Eagle Ford.
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