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Ohio's well data shatters shale oil hopes

U.S. hopes for a new shale oil bonanza in Ohio, joining the prolific Bakken and Eagle Ford plays that have raised production to 20-year highs, were shattered on Thursday by the first hard evidence that the Utica formation was primarily gas-prone.Just two years ago, the Utica had the global oil industry buzzing as companies rushed to buy acreage in the Midwest state in the belief it could hold a $500-billion bounty, as Chesapeake Energy's former CEO, Aubrey McClendon, had proclaimed.Now, data from Ohio's Department of Natural Resources (DNR) showed that in 2012, the first full year of drilling, oil output amounted to only 636,000 barrels -- about enough to fill a single small crude oil tanker. On average for the full year, output came to a mere 1,742 barrels a day (bpd) versus 780,000 bpd in North Dakota, where much of Bakken lies."This is less impressive than was initially touted," said Mark Hanson, energy analyst at Morningstar in Chicago. "It doesn't look like it's going to be the ne...

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