West Virginia: Shale industry expected to grow the economy
Saturday, October 24, 2015
Even though commodity prices remain low and the glut of oil and natural gas persists, the shale industry is boosting the economy, according to Shale Play.
West Virginia is expected to produce 2 trillion cubic feet of natural gas per year by 2020. If one of the ethane cracker plants in the Utica and Marcellus shale region is built, the state could have $6 billion added to its economy.
By 2020, the U.S. as a whole is expected to grow economically by an average of 1.2 percent. The Wheeling area, which includes Belmont County in Ohio and Wetzel, Ohio and Marshall counties in West Virginia, is expected to grow by 0.9 percent, according to Shale Play.
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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.