Airport authority, Consol Energy finalize gas drilling deal
By Timothy Puko
Published: Friday, February 22, 2013, 6:09 p.m.
Updated: Saturday, February 23, 2013
Government and gas industry officials put the final signatures on Friday on a deal to allow gas drilling at the Pittsburgh International Airport, exchanged the deal's first payment and set aside a little money as a precaution.
Cecil-based Consol Energy Inc. wired $46.3 million dollars to the Allegheny County Airport Authority on Friday, completing a deal estimated to bring $500 million in lease and royalty payments. Consol is now free to go onto airport land and prepare for natural gas drilling, which could start as early as late 2014.
The company put $2.84 million into escrow until county and authority officials decide whether to allow drilling at the county airport in West Mifflin. They have said it is unlikely, at least any time soon. Consol put $1 million on hold while the authority finishes work to prove it controls mineral rights on a small portion of the 9,000 acres at the international airport, its attorney Jeff Letwin said.
“Today marks a significant milestone in Consol Energy's nearly 150-year history,” company officials said in an emailed statement. “We are excited to have officially been chosen as the partner on this project and are optimistic about its potential to lead our region forward.”
Timothy Puko is a staff writer for Trib Total Media. He can be reached at 412-320-7991 or email@example.com.
- Food haulers targeted by police, ag inspectors
- Oakland institute to make Catholic philosopher’s works high-tech
- Trauma study in Pittsburgh region won’t need up-front approval
- Four Pittsburgh school board candidates won’t be challenged in fall
- Former Mt. Lebanon commissioner on top
- Municipal roundup: Dormont mayor’s battle still tight
- Mt. Washington’s Grandview Avenue isn’t looking so great these days
- Storm won’t pack as big of a punch in W.Pa.
- Facial recognition technology moving toward identifying almost anyone
- Appeals court hears Indiana County power plant case
- Quick reaction from couple evacuates burning Bellevue building
You must be signed in to add comments
To comment, click the Sign in or sign up at the very top of this page.
Subscribe today! Click here for our subscription offers.