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The Gap Partnership

Noble Energy finishes business negotiations with Consol

The two firms will work together on the Marcellus Shale as a result of the deal.

18 August 2011

Noble Energy has confirmed it has agreed on a joint venture deal with Consol Energy that will see the two develop the Marcellus Shale site.

The former is to pay the latter $1.07 billion (£649 million) for a 50 per cent stake in its 663,350 net undeveloped acres.

Under the terms of the business negotiations, Noble - which was established in 1932 - will also fund $2.13 billion of Consol's future drilling and completion costs at the location over an eight-year period, which is one of the largest natural gas fields ever discovered.

Charles Davidson, chairman and chief executive officer of Noble, noted his company is "excited" by the opportunities this partnership will offer.

"The Marcellus, combined with our ongoing developments in the DJ basin and deepwater Gulf of Mexico, will provide important balance to our rapidly expanding international programmes," he added.

Mr Davidson continued by saying the deal improves Noble's US portfolio.

Posted by Ken Hayes
 

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