YOUNG Conference | Exec says Utica play stable and on track

YOUNGSTOWN — Thomas Stewart, executive vice president of the Ohio Oil and Gas Association, told The Vindicator today prior to his planned speech at YOUNG Conference, that development across the Utica Shale play is right where it should be: Stable and on track.

Stewart was responding to a question about the pace of development and drilling, which has seemed to slow this year. He said difficult market conditions with a flood of supply and lower prices, combined with limited transport and processing capabilities have naturally slowed the pace of earlier development.

He said oil and gas companies remain firmly committed to the play and he attributed some of the high expectations in the plays first years to "hyperbole" from elected officials and the news media.