Airport authority, Consol Energy finalize gas drilling deal
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.
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments â either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.