Utica Shale In Canada- Gas Shale Market Analysis And Forecasts To 2020

The Utica shale development is expected to change the future of the energy industry in Quebec

. The province does not yet produce any oil and gas commercially but has one of the largest natural gas markets in Canada. The Utica shale development in the province is likely to make Quebec less dependent on natural gas imports. Quebec is also considering special legislation to govern the new drilling activities in the Utica shale. Prior to this, Quebec had no law specifically designed to govern oil and gas operations. The shale development is likely to change the overall market dynamics of the energy industry in the province.

The initial results from the wells drilled in the Utica shale play (both vertical and horizontal) promise huge returns from the shale play. Among the wells drilled, stable production rates of between 100 Mcf and 800 Mcf were reported. The highest flow rate was reported in Talisman's St. Edouard No. 1A horizontal well. The initial flow rates from the well were over 12 million cubic feet per day (MMcf/day). During the test, natural gas from the well flowed at an average rate of over 6 MMcf/day.

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The exploration and production activities in the Utica shale play are expected to significantly increase in the next decade. Commercial production from the Utica shale is expected to start in 2012. The natural gas production from the shale is expected to increase from approximately 40 MMcf/day in 2012 to 536.4 MMcf/day in 2020 at an AAGR of 32.4%.

The Utica shale became important in 2008 with Forest Oil announcing encouraging results from the first wells drilled in the play. Forest Oil announced that the shale had properties similar to the Barnett shale in the US and has a huge potential to emerge as a major shale play in Canada. However, with the natural gas prices remaining low in 2009, the pace of development in the shale has remained slow. The total number of wells drilled in Utica shale during Jan 2007 and May 2010 stood at 27.

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by: GlobalData

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