Pittsburgh International Airport’s land will soon be seeing natural gas production, following the culmination of a deal that was initially begun in 2013. The airport has been working closely with a major energy producer in order to stabilize its own income and produce local energy supplies.
Six Well Pads Starting as of June 28
The first well in this deal began production as of June 28. This well is the first of six total that are planned and will use hydraulic fracturing to produce natural gas from the Marcellus shale. The wells will be developed one at a time and will continue to be developed throughout the course of the year. The land is being developed by Consol Energy, Inc in connection with the Allegheny County Airport Authority. This is a unique development because it is occurring on the airport land and because it has formed a mutually beneficial partnership between the natural gas industry and the airport itself. Consol Energy has been working with the airport for some time, but this will be the largest instagram tracker project in the partnership so far.
Airport Costs Offset By Drilling
Airports and airlines are notoriously impacted by high gas and energy costs. When fuel prices increase, not only do per passenger costs rise, but economic problems reduce travel. The Pittsburgh International Airport has been using energy deals as a way to offset the cost of travel for passengers, reducing their overhead significantly through the gains related by their energy deals. Consol has been investing in the airport and the airport itself has been able to add 18 new airlines because of this. This will stabilize the costs not only for the airport but also for passengers.
Earnings Report Not Yet Released
An official earnings report for the new Marcellus shale development has not yet been released but there are further plans to continue to develop the area and place new wells. It’s likely that production will be high, as many of the Marcellus shale wells have been solid producers. However, it’s currently too early to tell and the early performance of the wells may not necessarily be indicators of their average performance over time.
The natural gas industry has been growing as global energy pressures are pushing many countries away from harmful fuel sources such as coal. As global energy needs continue to increase, it’s likely that natural gas companies will continue to expand. This new deal by the Pittsburgh International Airport will likely show significant earnings in the months to come. Companies such as Keystone Containment have been working towards helping companies within the natural gas and oil industry keep their sites and employees safe and secure. Contact Keystone Containment today to learn about their turn key solutions.