BP confirms 85,000-acre Trumbull County gas lease deal

YOUNGSTOWN — London-based BP confirmed this morning it will lease approximately 85,000 Trumbull County acres for Utica Shale exploration.

“BP is excited to expand our presence in Ohio in a way that will create jobs, bolster the local economy and provide additional sources of energy from an important emerging American resource,” said Lamar McKay, chairman and president of BP America.

“Over the last five years, BP has been America’s largest energy investor with vast experience in developing natural gas resources. We intend to bring our expertise and the highest industry safety and environmental management practices to this project.”

The lease was voted on by more than 1,000 members of the Associated Landowners of the Ohio Valley, a nonprofit landowner advocacy group, last night at the Covelli Centre.

Landowners will receive $3,900 per acre in up-front bonus payments, infusing more than $331 million into the Valley economy.

Landowners will sign the lease in April.

BP has scheduled a conference call today to discuss the deal.

Read more in Wednesday's Vindicator and at Vindy.com.