Noble Energy has signed definitive agreements with Consol Energy to create a joint venture for the development of Marcellus Shale properties in south-west Pennsylvania and north-west West Virginia, US.
Under the terms of the arrangements, Noble Energy will acquire a 50% interest in a 2,684km² undeveloped area for $1.07bn, and fund $2.13bn for Consol Energy’s future drilling and completion costs.
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Noble Energy will also acquire a 50% interest in 70 million cubic feet of oil equivalent per day of existing Marcellus production and infrastructure for $219m.
Noble Energy president and COO David Stover said that the operations will be designed to create value through the sharing of best practices and expertise.
