Natural Gas And Oil Industry Investment In Ohio Reaches $95.3 Billion
For Immediate Release:June 7, 2022Media Contact:George Brown(740) 587-0410
Natural Gas And Oil Industry Investment In Ohio Reaches $95.3 Billion
New Study From JobsOhio and Cleveland State University Finds Transformative Investment In Essential Energy Continues
Granville, OH - Since 2011, the natural gas and oil industry has invested $95.3 billion in Ohio. That’s according to a new study released today by JobsOhio and Cleveland State University, which reviewed upstream, midstream and downstream investments by the industry from 2011 through June 30, 2021.“Throughout the last decade, Ohio’s natural gas and oil industry has made a transformative investment in our state. The billions of dollars invested is matched only by the recent Intel processor manufacturing facility announcement,” said George Brown, executive director of the Ohio Oil and Gas Energy Education Program. ”The Utica Shale is one of the most important economic development tools Ohio has. It has not only attracted jobs and the direct investment of more than $95 billion to our state, but offers a reliable source of energy for manufacturers looking to reshore manufacturing here. As our country searches for abundant, affordable and American-made energy, homegrown Ohio natural gas and oil is providing the essential energy we need.”The latest report can be found here. Notable statistics include:- The first half of 2021 alone saw $2.3 billion in direct investment from the natural gas and oil industry in Ohio.- Nearly $2.2 billion of that investment went to upstream activities such as drilling and royalty payments.- 74 new wells were drilled in the first half of 2021.- Jefferson County had the most with 36 new wells.- While midstream investment was down in the first half of 2021 because of COVID-19, the industry has invested $21.4 billion into pipelines, gathering systems and other midstream activities since 2011.- Downstream activities such as refiners and refueling stations have attracted $8 billion in investment since 2011.- An estimated $1 billion in royalty payments were made directly to Ohio landowners between January and June of 2021.“Ohio has developed the natural gas, natural gas liquids, and petrochemical supply chain industries to bring important jobs to hard-working Ohioans,” said JobsOhio President and CEO J.P. Nauseef. “We have an exceptional opportunity to grow these important industries and establish Ohio as a major international player in shale-related productivity.”###About OOGEEP: The Ohio Oil and Gas Energy Education Program (OOGEEP) is a non-profit statewide education and public outreach program. Created in 1998, OOGEEP provides a variety of programs throughout the State of Ohio on behalf of Ohio’s natural gas and crude oil producers. The primary goal of these programs is to educate Ohio’s consumers and leaders by focusing on industry research, teacher workshops, scholarships, science fair, firefighter training, career and workforce development, landowner and guest speaker programs. Engage with us via oogeep.org, like us on Facebook and follow us on Twitter, Instagram and LinkedIn.