BP is Joining Northeast Ohio Shale Rush
Friday, December 21, 2012
According to Columbus Business First, BP is moving into the Youngstown area. This move suggests BP will be taking part in Ohio’s shale gas boom.
BP said Monday that it plans on drilling as early as January.
Read it:
“We’ve been working toward this since March of this year when we initially signed the agreement to lease 84,000 acres in Trumbull County for oil and gas production,” Joe Uppercue, BP’s operations manager in Ohio, said in a press release. “Now that we have a place we can officially call home, we’re ready to move toward the start up of operations.”
BP employees will be moving into the company’s new Utica Operations Center in the Youngstown Commerce Park.
» Via: Columbus Business First › BP set to join shale drilling rush in eastern Ohio
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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.