BP said this morning it is taking steps to lease 84,000 acres in northeastern Ohio for oil and natural gas production, the latest big energy company to invest in the Utica shale.
The land is located in Trumbull County, near the Pennsylvania border, which is on the northern edge of the area that energy companies have said may hold the greatest promise for energy resources.
“We see this as a great opportunity for BP and a great opportunity for the state,” said Tim Harrington, regional president for BP’s gas operations, in a conference call with Ohio reporters.
He declined to say how much BP is paying for the leases. The Vindicator newspaper of Youngstown is reporting that the total is about $330 million, based on comments from landowners involved in the talks.
via www.dispatch.com
$4,000 an acre. Just sayin'.
