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Article: Newfield, Hess ink Marcellus joint venture.(Newfield Exploration Co.)
- Article from:
- The Oil Daily
- Article date:
- October 15, 2009
- Author:
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US independent Newfield Exploration and integrated oil firm Hess Corp. have inked a 50/50 joint venture agreement to explore the Appalachian Basin's burgeoning Marcellus Shale. The announcement marks the first time either company has spoken publicly about its intentions in the play.
The joint venture is aimed at exploring 140,000 gross acres across the Susquehanna and Wayne counties of northeast Pennsylvania in the northern region of the shale gas play--an acreage position Hess actively built up over the past six months, company spokeswoman Mary Pat Sexton told Oil Daily.
The acreage will now be jointly held under the exploration agreement and both Hess ...