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Chesapeake plans long commitment to Valley, official says



Published: Fri, May 11, 2012 @ 12:08 a.m.

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Ryan Dean, senior manager for corporate development of Chesapeake Energy, discusses the company’s commitment to the Mahoning Valley at the annual meeting of the United Way of Youngstown and Mahoning Valley.

By Burton Speakman

bspeakman@vindy.com

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Chesapeake Energy plans to continue to invest significantly in the Mahoning Valley for decades to come, a company official said Thursday night.

Ryan Dean, senior manager of corporate development for Chesapeake, was featured speaker at the 2011 annual meeting of United Way of Youngstown and the Mahoning Valley.

Part of the reason the United Way wanted Dean to speak is Chesapeake’s commitment to the United Way in other areas, said Bob Hannon, president of the local United Way. Chesapeake has a $1 million endowment in Fort Worth, Texas, with the United Way.

“I think this company will have a big impact in the Valley,” he said.

Dean focused much of his speech on explaining why Chesapeake has chosen to become active in the Mahoning Valley.

“Youngstown is uniquely situated between the Marcellus and Utica shales,” he said at the Lake Club event. “Both shales will create opportunities.”

Chesapeake is the nation’s second-largest producer of natural gas, generating 9 percent of the gas produced domestically, Dean said. The company is moving away some from dry natural gas because of the current low price for the product. The Utica Shale is expected to have more fluid-based natural gas.

The company remains in the early stages of development in the Utica Shale. Chesapeake has drilled 59 wells in Ohio, and nine of those are producing, he said. The company has 10 drilling operations in the area now, but that number is expected to be about 13 by the end of the year and should reach 22 by the end of 2013.

“We’re still finding our way along for where we’re going to find the best results,” Dean said.

Chesapeake has announced plans to invest $900 million in a facility in Columbiana County to treat the fluid gas that comes form the wells, he said. Throughout Ohio the company has invested $2 billion in acquiring leases.

“Right now we’re only 18 months into what is a very long-term process,” he said.

These wells are expected to produce for the next 20 to 50 years, Dean said.

Dean also spoke about jobs his company and others in the oil and gas industry would help to create.

About 410 people are needed to turn one well into a producing site, Dean said. Those jobs range from engineers, truck drivers, rig hands and other positions.

“Jobs are available for everyone in a drilling operation,” he said. “It’s not just petroleum engineers.”

Much of the attention paid toward drilling in the shale has centered on the fracking process, Dean said.

Fracking requires only about 10 days out of about nine months it takes to put a well into production, he said.

Things are starting to turn around for the Mahoning Valley, said Ed Muransky, owner of The Lake Club.

“It’s nice to see after all these years of people moving out, that new people are starting to find our Valley,” he said.


Comments

1ytownsteelman(628 comments)posted 2 years, 4 months ago

Its hard to believe that there are people who want Youngstown to return to the days of despair and no money.

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2prodgodq(150 comments)posted 2 years, 4 months ago

Ytownsteelman:
I agree totally. Like it or not, we compete in a world economy. We have a natural resource that the world wants.
Liquid natural gas is used in industries all over the world. And while that resource should be extracted as safely as possible, it's a resource that we can use. The only other alternative is more decay.
Because of the shale, this area will be one of the few places in the country that will see any real growth over the next ten years.
People who can't live with this reality will need to move, because they're not going to stop it.

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3UticaShale(854 comments)posted 2 years, 4 months ago

Yes, let the people who can't live with this reality move, "you either lead follow or get the hell out of the way!"

As we in the industry move from property owner to property owner, saturation is nearly complete in leasing all the mineral rights. The next phase will be the wave of drilling rigs moving in, concurrently, pipelines will be built with infrastructure processing this great wealth.............then the oil will flow supplying us and the world. Youngstown will be the envy of the world again but not with steel. Hopefully the entitled and takers will be in the pipeline ditches working for their subsidy.

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4Bigben(1996 comments)posted 2 years, 4 months ago

How much oil drilling is currently taking place in this area ? All I have heard about as far as current drilling is gas related.

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5Ytown20(118 comments)posted 2 years, 3 months ago

Youngstown, and Ohio in general, is not, and will not be the envy of the world.

Youngstown is currently cited in the news nationally and globally as a reference to fracking gone bad, i.e., earthquakes due to injected fracking waste water.

Also, google fracking, fracking laws, Ohio fracking, etc., and you will read all about pity for what Ohio and it's people are about to endure. Our physicians will soon be gagged from telling their patients what chemicals they have been exposed to. People are becoming highly suspicious and aware of the callous disregard this industry is having towards the opposition from people. Currently, 70% of Ohioans oppose fracking until further studies have been completed.

So envy, is not only a stretch, but a pure fantasy.

Ohioans and people from across the country will be gathering for education and protest in Columbus from June 14-17, which is anticipated as being the largest national frack protest ever assembled.

Surely, UticaShale, you can't further reference Youngstown as being envied, unless you are referring to our spirited and educated populace that will stand up for their rights.

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