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Chesapeake Energy has announced that it has leased a significant amount of office space in downtown Canton, Ohio.
The energy company intends to base at least 70 employees in the new office located in the Cornerstone Building on 400 Third Street.
Among the functions of the new office will be to serve as a base of operations for the company’s efforts to extract oil and natural gas from the Utica shale formation in eastern Ohio.
The new office space will only serve as a temporary measure however while the company searches for a permanent base of operations.
“We are very pleased to join the downtown Canton business community and to be able to bring jobs and business investment to Ohio,” said Keith Fuller, Director of Corporate Development.
“We look forward to being a part of the community and spurring business growth for years to come.”
Chesapeake Energy is particularly concentrated on drilling shale rock formations using a method called hydraulic fracturing or fracking. The method involves using water, chemicals and sand to break up the shale and release hydrocarbons.
The company recently stated: “Based on its proprietary geoscientific, petrophysical and engineering research during the past two years and the results of six horizontal and nine vertical wells it has drilled, Chesapeake believes that its industry-leading 1.25 million net leasehold acres in the Utica Shale play could be worth USD 15 billion to USD 20 billion in increased value to the company.”
Chesapeake added that it is increasing its drilling budget to USD 6.5 billion this year in order to capitalize on the deposits of natural gas it believes to be present in Ohio.
Currently Chesapeake is the most active energy company drilling for oil and gas in the US.