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Natural Gas Exploration
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Chesapeake Begins Drilling For Natural Gas at DFW International Airport
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Photo courtesy of Chesapeake Energy |
With a massive gold drillbit Chesapeake and DFW officials celebrate the first of more than 300 projected natural gas wells at the Airport. Pictured is Chesapeake Sr. V.P. Land/Legal and General Counsel Henry Hood, DFW V.P. of Commercial Development John Terrell, DFW CEO Jeff Fegan, Chesapeake Sr. V.P. for Corporate Development Tom Price and DFW Manager of Commercial Development Doug Bryan.
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Chesapeake Energy and DFW Airport made history on May 22 by drilling the first natural gas well at DFW Airport just west of the north end of runway 18R off North Airfield Drive. The well is the first of more than 300 projected natural gas wells for DFW Airport, the single-largest gas lease in the Barnett Shale play and the largest gas exploration effort at a major U.S. airport.
The natural gas wells will be drilled on the outer boundaries of the Airport’s 18,000+ acres and will take nearly six years to complete. Drilling and completion activity will have no impact on airfield or airport operations. Chesapeake has paid DFW Airport $186 million in an initial bonus and will pay 25 percent revenue-sharing royalty on all natural gas produced from the Airport’s leasehold. Natural gas revenues will help DFW Airport remain competitive by keeping costs low for airlines and retail tenants and by funding millions in improvements to the Airport’s four original terminals, making them more attractive to new airline operations. From Chesapeake’s initial bonus, DFW Airport used $19 million to retire municipal bonds that Fort Worth and Dallas issued to build the Airport and put $7 million toward reducing landing fees. The Airport’s four older terminals will be updated with $45 million; $5 million will be spent for a new “Visit DFW” program to be run by the Dallas and Fort Worth convention and visitors bureaus; and the remaining funds will be used for capital improvements. The first natural gas sale is expected in September 2007.
Sharing the Benefits
Chesapeake Energy showed further commitment to the Dallas and Fort Worth communities and DFW Airport on June 8 by establishing the Chesapeake Scholarship Fund that contributed $1.25 million for educational opportunities to minority and socially disadvantaged youth in Dallas and Fort Worth. Chesapeake has pledged an additional $1.25 million for the Chesapeake Scholarship Fund if the Dallas and Fort Worth communities agree to match Chesapeake’s initial contribution, bringing the total scholarship fund potential to $3.75 million.
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The scholarship program will be administered by The Dallas Foundation and Community Foundation of North Texas. Both foundations provided guidance on structuring and awarding the scholarships, leading to the decision to fund up to $20,000 per student per year for up to four years of school. Among other criteria, recipients must be new graduates of a Tarrant or Dallas County high school and a current resident of one of those counties, and be a minority or socially disadvantaged resident as defined by the Airport’s Minority/Women-Owned Business Enterprise program. The first applications will be accepted in January 2008 with initial scholarships awarded that spring. |
| Chesapeake and foundation scholarship officials celebrate the $1.25 million funding of the Chesapeake Scholarship Fund. Pictured is President of The Dallas Foundation Mary Jalonick, Vice President of Corporate Development for the Barnett Shale office of Chesapeake Julie Wilson and President of Community Foundation of North Texas Homer Dowd. |
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