Pennsylvania Gov. Tom Corbett, Allegheny County Chief Executive Rich Fitzgerald and officials from Consol Energy Inc. hosted a ceremony Monday commemorating the start of natural gas development at Pittsburgh International (PIT).
The event kicked off an exploration and production program expected to bring hundreds of millions of dollars in economic development activity to the region through 2018.
“When you talk about public-private partnerships and the benefit such partnerships can generate, I believe this venture is and will be the gold standard,” says Nick Deluliis, president and CEO of Consol Energy. “We intend to honor our 150-year legacy in this region by ensuring that this project is a model for safe and responsible shale gas development here in Southwestern Pennsylvania and beyond.”
Including upfront bonus payments made to the Allegheny County authority, anticipated royalties and intended capital spend by Consol of approximately $500 million, the program is expected to provide more than $ 1 billion to the greater Pittsburgh region over the next five years.
“This project has been a great example of what a positive public-private partnership can look like in our community,” says Fitzgerald. “It is a win-win, and I am proud that Allegheny County has played a part in making it happen.”
