The combined value of Ohio’s oil and natural gas production last year came in under $3 billion, or about $130 million less than it was in 2014, according to an annual mineral industries report released this week by the Ohio Department of Natural Resources’ (ODNR) Division of Geological Survey.
Oil and natural gas production was valued at more than $3.1 billion in 2014. Despite a banner year for production, low oil and gas prices brought down the value of production in the state to about $2.97 billion last year. ODNR said that while the value of natural gas in the state last year actually increased by 2.1% from 2014, the value of oil was down by nearly 18% year/year.
The report, which provides economic information about the state’s extraction industries, was changed for the 2015 reporting year. The detailed oil and gas portion of the analysis was excluded to eliminate duplicate reporting by the Division of Geological Survey and ODNR’s Division of Oil and Gas Resources, which tracks and publishes drilling and production information.
Combined oil and gas production reached just more than 1 Tcf in 2015, up from 513 Bcf the prior year. The Utica Shale accounted for most gas production, with shale producers reporting 953.9 Bcf. They drove up combined oil production too, which reached 26.9 million bbl, of which the Utica accounted for 22 million bbl. Oil production exceeded the 15 million bbl reported in 2014.
While the value of the state’s oil and gas dropped last year, it was still more than the value of coal. Coal and industrial minerals production was 122,244,014 tons. The value of the state’s coal in 2015 was $752.9 million, while the total value of all industrial minerals was $1.1 billion. Among other things, the report also examines limestone, sand, gravel and salt production.
ODNR said more than 11,000 people were directly employed last year in Ohio’s extraction industries, which includes oil and gas.
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