The Belmont County Commissioners passed a motion at yesterday’s meeting to renew the county’s oil and gas lease for an additional five years with EQT Energy.
Commissioner J P Dutton is glad to see the partnership with oil and gas continue and hopes it remains a fruitful partnership.
The county can receive royalties for roughly $7,500 per acre drilled with the total rising up towards over $3 million. The royalties are paid only if EQT drills on county owned property.
The royalties would likely go towards issues like debt reduction and road infrastructure repairs.