Pittsburgh International Airport to explore fracking opportunities
Saturday, August 16, 2014
The New York Times reports that Pittsburgh International Airport will soon see its first natural gas well drilled on its property.
Consol Energy plans to drill the first well in August outside of the airport’s fence, but the horizontal well will reach the natural gas that lies beneath runways and terminals.
Natural gas royalties from fracking will contribute to the airport’s budget. The airport faces debt from expanding the number of its gates, some of which are no longer in use due to decreased passenger numbers each year.
From The New York Times:
“The airport offers conditions just about ideal for fracking. For example, the airport sits above four separate layers of shale, each containing natural gas and related liquids. All of it can be reached by a single set of drilling pads, delivering their gas to the same pipelines, using a single set of roads.”
Via: The New York Times > Now arriving at Pittsburgh International Airport: Fracking
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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.