May 11, 2010 / 5:40 PM / 10 years ago

Anadarko to pay Pennsylvania $120 mln for drilling

NEW YORK, May 11 (Reuters) - Anadarko Petroleum Corp (APC.N) will pay Pennsylvania $120 million for the right to drill for natural gas on nearly 33,000 acres, Governor Edward Rendell said on Tuesday.

The deal enables cash-strapped Pennsylvania, currently enjoying a a boom from oil companies eager to drill for natural gas in the Marcellus Shale formation, to minimize how much state forest land is involved in exploration, he said in a statement.

Anadarko’s new acres are surrounded by land that drilling companies already have leased, Rendell said. (Reporting by Joan Gralla; Editing by James Dalgleish)

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