BP Buys Ohio Shale Tract For Oil And Gas Development

Law360, New York (March 27, 2012, 7:32 PM EDT) -- BP PLC struck a deal with landowners Tuesday to lease 84,000 acres of land in northeastern Ohio to explore for oil and natural gas in the Utica shale, becoming the latest oil major to enter the reportedly gas-rich region.

BP said it inked an agreement with the Associated Landowners of Ohio Valley, a nonprofit that represents mineral rights owners, to lease the Trumbull County land following a vote in favor from the group’s members.

The deal marks the latest foray into the relatively untapped Utica shale...
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