Harrison County Showing the True Power of Utica Development
Posted in the Natural Gas Forum
#1 Jun 13, 2013
Energy In Depth's Shawn:
"Throughout my lifetime Harrison County has had a relatively stagnant economy. Gone were the days of heavy coal production and folks, including myself, seemed to think there was little to nothing coming down the pike that could stimulate the countys economy. This may have been true for awhile, that is until development of the Utica Shale and Point Pleasant formations began with Chesapeakes Buell well in mid-2011.
Since then, Harrison County has become the 2nd most permitted county in the Utica play, following only Carroll County. Some major projects spurred by this development include MarkWests first major cryogenic processing plant in eastern Ohio which just opened and processes 125 Mmcf/d with more units still being built at the Cadiz facility. Up the road in Scio, 250 contractors are busy building M3s fractionation plant to remove valuable natural gas liquids from the gas pulled from the Utica. At the same time, Chesapeake and Gulfport Energy have 3 of the 5 best wells in the state located in different areas of the county. Meanwhile, pipeline companies are making their way through the county to link up the wells to the processing plants.
Though still early in the Uticas development Harrison County is beginning to see the true economic benefits that come with this increased activity. After a quick visit to the village if Cadizs income tax office I found that the county seat for Harrison County is seeing its income tax collections grow at an exponential rate. In 2011, Cadiz collected $630,270.70 in local income tax. In 2012, that number grew to $768,596.01 representing an 18% increase. As of May 31st, Cadiz has already collected more income tax than it did during all of 2011 having already received $682,779.35.
The growth in Cadiz is astonishing and doesnt represent much of the revenue gained by residents from the leasing of mineral rights since most of that activity is occurring outside the village. So, in essence, Cadizs income tax growth is representative of local residents taking jobs in, or supporting, the oil and natural gas industry in Harrison County."
READ THE REST: http://www.eidohio.org/harrison-county-showin...
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