Lackawanna College Friday announced a gift of $2.5 million from Cabot Oil & Gas Corporation that will directly fund the School of Petroleum & Natural Gas located in New Milford, Susquehanna County.
The School of Petroleum & Natural Gas was established in 2009 at the beginning of Marcellus Shale industry operations in the area and has developed its curriculum to meet the specific needs of the growing industry. The current job placement rate for graduating students is 90 percent.
"Lackawanna College saw an opportunity a few years ago and took a leap into education in support of the oil and natural gas industry," explained Mark Volk, President of Lackawanna College. "Our partnership with Cabot enhances tremendously the ability of the School of Petroleum & Natural Gas to provide a world-class education designed to prepare a ready workforce that fits the needs of the multiple companies across the industry. Beyond just an investment in Lackawanna College, through this collaborative effort Cabot is making an investment in our students and our community."
The gift will assist the School of Petroleum & Natural Gas in its goal to become a nationally-recognized, first in class program in the field of petroleum and natural gas technology.
Funds will be directed toward creating a $1 million endowment that will provide continuing support for student scholarships and help meet the long term needs of the school. An additional $1.5 million will be used for state-of-the-art equipment, training, staff and faculty development, and student interactive experiences and internships.
Phil Stalnaker, Vice President of the North Region for Cabot, expressed the company's interest in becoming invested in the program at the School of Petroleum & Natural Gas.
"Cabot is pleased to announce this historic gift to Lackawanna College, a leading institution that has fully embraced the opportunity to train its students locally to become members of the global natural gas industry," he explained. "This opportunity will ensure that qualified, hardworking individuals can get a solid education and be prepared for employment in this robust, expanding industry."
This marks the largest single private donation in the history of Lackawanna College.
The School of Petroleum & Natural Gas currently offers two associate degrees in Petroleum & Natural Gas Technology and Natural Gas Compression Technology. Degree offerings will expand in the Fall 2014 semester with the addition of the Petroleum & Natural Gas Measurement and Petroleum & Natural Gas Business Administration degrees.
