The U.S. Geological Survey (USGS) has released its oil and gas assessment of the Utica Shale in the Appalachian Basin. The assessment addresses the Utica Shale lying beneath the Marcellus Shale, which is also part of the Appalachian Basin, and covers parts of Maryland, New York, Ohio, Pennsylvania, Virginia, and West Virginia. According to USGS, the continuous oil, gas and natural gas liquid accumulations of the Utica Shale contain approximately 38 trillion cubic feet (TCF) of undiscovered, technically recoverable natural gas.

The survey estimates that the amount of (i) undiscovered oil ranges from 590 million barrels to 1.39 billion barrels, (ii) undiscovered natural gas ranges from 21 to 61 TCF, and (iii) undiscovered natural gas liquids ranges from 4 to 16 million barrels. USGS undertook the assessment as part of a nationwide project to assess domestic petroleum basins using standardized methodology and protocol. See USGS Press Release, October 4, 2012.