A recent report from the United State Geological Survey (USGS) estimates that the Utica Formation contains a mean of 38 trillion cubic feet (tcf) of undiscovered, technically recoverable natural gas, plus a mean of 940 million barrels of unconventional oil resources and a mean of 208 million barrels of unconventional natural gas liquids.
The estimate of undiscovered natural gas ranges from 21 to 61 tcf (95% to 5% probability, respectively). The estimate of undiscovered oil ranges from 590 million barrels to 1.39 billion barrels (95% to 5% probability, respectively). The estimate of natural gas liquids ranges from 75 to 398 million barrels (95% to 5% probability, respectively).
That makes the Utica Formation the third largest unconventional basin in the United States. By comparison, the USGS has estimated the Marcellus Formation contains 84 tcf of natural gas, making it the largest unconventional gas basin in the United States. The USGS estimated that extracting these reserves would take approximately 110,000 gas wells and another 17,500 oil wells.