NEW YORK -- BP says it has agreed to lease 84,000 acres of land in northeast Ohio for future oil and gas production.
The land is in the Utica/Point Pleasant shale formation. The Utica Shale lies below the Marcellus Shale, where oil companies have drilled thousands of wells in search of natural gas and, more recently, oil.
BP signed the deal with the Associated Landowners of the Ohio Valley, which representing area mineral owners. Financial terms of the deal weren't disclosed.
The shale is at a depth of about 6,000 feet. The Ohio Department of Natural Resources estimates there is potential to recover between 1.3 and 5.5 billion barrels of oil and between 3.8 and 15.7 trillion cubic feet of natural gas, BP says.
Currently, BP actively drills across Texas, Oklahoma and Arkansas.
The Associated Press