Consol, Noble Energy to Dissolve Marcellus JV
Coal and natural gas producer Consol Energy Inc and Noble Energy Inc said on Monday they would dissolve their 50-50 Marcellus shale joint venture, resulting in a payment of about $205 million to Consol on closing.
The joint venture was formed in 2011 to explore and develop about 669,000 acres in the Marcellus Shale in Pennsylvania and West Virginia. The venture produces the equivalent of about 1.07 billion cubic feet of gas per day.
The companies said they would now own and operate wells in two separate areas where they would have independent control and flexibility over development.
Reporting by John Benny