Consol wraps drilling deal at Pittsburgh airport - 21 News Now, More Local News for Youngstown, Ohio -

Consol wraps drilling deal at Pittsburgh airport

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PITTSBURGH (AP) - Consol Energy Inc. has completed a deal to drill for natural gas and oil at Pittsburgh International Airport.

The Pittsburgh Tribune-Review reports that Consol wired a $46.3 million signing bonus to the Allegheny County Airport Authority on Friday.

Allegheny County Council had approved the contract earlier in the week.

Under the deal, Consol will pay 18% royalties on future production, expected to total $450 million over two decades. The first wells are scheduled to be drilled in late 2014 or early 2015.

The airport says it will use the money to lower airline costs in hopes of attracting more flights, and for capital improvements.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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