Well production begins at Pittsburgh International Airport
Friday, July 22, 2016
Production began at Pad No. 2, one of Consol Energy Inc.‘s well pads, located on Pittsburgh International Airport property June 28, Pittsburgh Business Times reports. There are six wells on Pad. No. 2.
There are six total well pads on the airport property, with 40 total wells. Most of the wells are in the Marcellus shale, but at least one is in the Utica shale.
According to the source, the Allegheny County Airport Authority will receive 18 percent of the natural gas royalties from the wells. So far, the revenue received has helped to lower landing fees at the Pittsburgh airport.
Read more: Pittsburgh Business Times > Consol begins natural gas production at airport
More about drilling at Pittsburgh International Airport:
- Consol to drill Utica test well at Pittsburgh International Airport – Jan. 8, 2016
- Consol considers changing up Pittsburgh Airport drilling plan – June 28, 2015
- “Walking” rig used to drill horizontal wells at airport – Dec. 31, 2014
- Pittsburgh International Airport to reap benefits from shale drilling – Aug. 26, 2014
- Pittsburgh International Airport to explore fracking opportunities – Aug. 16, 2014
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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.