PPG Industries and Gastar Exploration have signed an agreement to develop Marcellus shale natural gas resources at PPG’s Natrium chemicals site in West Virginia, US.
As part of the agreement, PPG has leased drilling rights and related activities on its property to Gastar.
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PPG estimates cash flows of about $50m from the lease over the life of the anticipated well development, which is more than 30 years.
Gastar Exploration president and CEO Russell Porter said the leases would help the firm create a large, contiguous block of acreage for efficient and profitabe developed.
Gastar is expected to begin construction and drilling operations in the third quarter of 2011.
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By GlobalData
