Noble Enters Marcellus Shale Via $3.4B Joint Venture With Consol

摘要

US independent producer Noble Energy is taking a leap into a major operating area in the US onshore, the Marcellus Shale. The company announced last week that it has inked a $3.4 billion joint venture partnership with Consol Energy that will net it 50% working interest in 663,350 acres in the gas-rich shale play. Under the terms of the deal, Noble will gain a largely undeveloped position in the southwestern Pennsylvania and northern West Virginia portion of the play in exchange for $1.07 billion, paid in three equal annual installments, and an agreement to fund $2.13 billion of Consols future drilling and completion costs or "drilling carries" over the next eight years.