Consol To Pay $500 Mil For Airport Drilling Rights
PITTSBURGH (KDKA) – Allegheny County hopes to make around $1 billion with the newly-awarded Consol drilling contract.
Thursday night, it was announced that Pittsburgh International Airport awarded a 20-year contract to Consol Energy Inc. to drill for Marcellus shale natural gas for $500 million, according to our news partners at the Pittsburgh Post-Gazette.
Allegheny County Executive Rich Fitzgerald told the newspaper that Consol will pay $50 million upfront, with the rest of the money being paid out over the next 20 years.
The company is also planning on paying an extra $500 million toward infrastructure, the newspaper reports.