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A massive natural gas reserve beneath Wayne County and the region will become the country’s largest natural gas source by 2020, said the CEO of a major energy company.
Chesapeake Energy CEO Aubrey McClendon said the Marcellus Shale, an underground reserve estimated to supply 10 years of U.S. natural gas consumption, would overtake other shale formations as the most prolific source, according to a recent Bloomberg News report.
McClendon, whose company has an extensive leasehold of county properties to drill for natural gas, made the remarks at an investor conference last Thursday in Miami, Fla., which was also broadcast on the Internet.
“During May 2009, Chesapeake submitted 70 new drilling permit applications in Bradford County alone,” said David Messersmith, of the Wayne County Penn State Extension office, which tracks the industry locally. “We are certainly seeing commercial interest in Marcellus ramp up around the region.”
Wayne County has seen scant natural gas drilling activity so far, with only a handful of permits received by the state Department of Environmental Protection, the state’s industry regulator.
Chesapeake Energy has begun drilling operations on one site in Oregon Township, targeting a different formation called the Oriskany.
“The first two drilling permit applications in Lackawanna County were submitted by Exco North Coast Energy on May 27,” added Messersmith.
The Haynesville Shale, which underlies portions of Arkansas, Louisiana, Texas, is expected to outperform the Barnett Shale, of North Texas, by 2015, predicted McClendon.
The Barnett Shale is now the largest unconventional source of natural gas in the nation, according to published reports.
The Marcellus Shale, which stretches from West Virginia to New York, will best both, however, in terms of the volume of natural gas extracted by 2020, said McClendon as reported by Bloomberg News.
Chesapeake Energy has leased about 1.3 million acres in the Marcellus area, as also has numerous other natural gas companies.
A massive natural gas reserve beneath Wayne County and the region will become the country’s largest natural gas source by 2020, said the CEO of a major energy company.
Chesapeake Energy CEO Aubrey McClendon said the Marcellus Shale, an underground reserve estimated to supply 10 years of U.S. natural gas consumption, would overtake other shale formations as the most prolific source, according to a recent Bloomberg News report.
McClendon, whose company has an extensive leasehold of county properties to drill for natural gas, made the remarks at an investor conference last Thursday in Miami, Fla., which was also broadcast on the Internet.
“During May 2009, Chesapeake submitted 70 new drilling permit applications in Bradford County alone,” said David Messersmith, of the Wayne County Penn State Extension office, which tracks the industry locally. “We are certainly seeing commercial interest in Marcellus ramp up around the region.”
Wayne County has seen scant natural gas drilling activity so far, with only a handful of permits received by the state Department of Environmental Protection, the state’s industry regulator.
Chesapeake Energy has begun drilling operations on one site in Oregon Township, targeting a different formation called the Oriskany.
“The first two drilling permit applications in Lackawanna County were submitted by Exco North Coast Energy on May 27,” added Messersmith.
The Haynesville Shale, which underlies portions of Arkansas, Louisiana, Texas, is expected to outperform the Barnett Shale, of North Texas, by 2015, predicted McClendon.
The Barnett Shale is now the largest unconventional source of natural gas in the nation, according to published reports.
The Marcellus Shale, which stretches from West Virginia to New York, will best both, however, in terms of the volume of natural gas extracted by 2020, said McClendon as reported by Bloomberg News.
Chesapeake Energy has leased about 1.3 million acres in the Marcellus area, as also has numerous other natural gas companies.
