Marcellus Shale Drilling at Pittsburgh International Airport is Approved
Thursday, February 21, 2013
Airplane passengers may see more than Pittsburgh’s skyline when landing at the Pittsburgh International Airport, they may also be seeing drilling rigs, according to the Tribune Review.
The Allegheny County Council voted Tuesday to allow Consol Energy the rights to drill on airport property no earlier than late 2014. Consol will pay the county $50 million, which includes $5,000 per acre and a $3.7 million surface rent payment for well pads.
The county will receive 18 percent royalty payments when production begins.
» Via: The Tribune Review › Council votes to allow gas drilling at airport
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Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.