BP reported an agreement to lease thousands of acres in northeast Ohio for future oil and gas production in the Utica/Point Pleasant shale formation. Utica/Point Pleasant is a relatively new and very promising shale basin that consists of a potentially significant liquids-rich gas source, and this deal adds an important American energy source to BP’s onshore gas portfolio.

“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.”

BP signed an agreement to lease about 84,000 acres in Trumbull County, Ohio with the Associated Landowners of the Ohio Valley (ALOV), a group representing area mineral owners. Members of ALOV voted March 26 to approve the lease arrangement. Terms of the agreement, to be executed with each landowner, are confidential.

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