According to Reuters, as New York considers reopening its borders to fracking, Attorney General Eric Schneiderman will allow landowners to renegotiated their leases.

In 2008, New York banned fracking, but not before Chesapeake Energy and other companies leased thousands of acres in the state’s southern tier. Once the ban was in place companies declared force majeure to extend the idle leases.

The ability to renegotiate is good news for landowners.

Here’s an excerpt:

“This agreement will provide a safety net for thousands of landowners by allowing them the opportunity to negotiate fairer lease terms, both financial and environmental, regardless of their existing contracts,” Schneiderman said.

New York’s Department of Environmental Protection is considering allowing fracking in the state. The department is expected to develop a plan sometime this year.

» Via: Reuters › Chesapeake to renegotiate New York natgas leases