Drilling Down
BP Cautions Entry into Trumbull 'Very Early'
Tuesday, March 27, 2012YOUNGSTOWN, Ohio -- The enormity of the number of acres -- 84,000 -- and the prevalence of wet gas and liquids in what geologists more precisely call the Point Pleasant formation of the Utica shale is why BP North America is entering into a $331.5 million deal with the Associated Landowners of the Ohio Valley to lease shale gas drilling rights in Trumbull County.
“The liquids uplift actually makes this play look very, very favorable in relation to our portfolio,” says Tim Harrington, regional president of BP North America’s gas business.
BP Confirms It's Leasing 84,000 Trumbull Acres
Tuesday, March 27, 2012HOUSTON - BP announced today an agreement to lease thousands of acres in Trumbull County for future oil and gas production in the Utica/Point Pleasant shale formation. Utica/Point Pleasant is a relatively new and very promising shale basin that consists of a potentially significant liquids-rich gas source, and this deal adds an important American energy source to BP’s onshore gas portfolio, the company said in its announcement.
BP Offers Trumbull County Landowners $3,900 an Acre
Tuesday, March 27, 2012YOUNGSTOWN, Ohio – BP, the London-based energy giant, is expected to soon announce the execution of an oil-and-gas drilling lease for 85,000 acres in Trumbull County. The lease was negotiated by the Associated Landowners of the Ohio Valley, and could net landowners $3,900 per acre, according to The Vindicator.
If accurate, that would put the total value of the leases at $331.5 million. Landowners would also receive royalties of 17.5 based on the value of the oil and gas extracted from their land.
Companies, Unions Want Shale Industry Opportunities
Friday, March 23, 2012CANFIELD, Ohio -- Companies and labor unions that don’t want to be left out of the oil and gas business resulting from exploration in the Utica shale met Thursday to make sure they are included.
Local 396 of the Plumbers and Pipefitters union hosted an “energy networking forum” at the Mahoning County Career and Technical Center to strengthen their ties and discuss what they can provide one another.