{"id":1004052394,"date":"2011-10-05T15:20:45","date_gmt":"2011-10-05T23:20:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=19903"},"modified":"2022-12-07T12:26:09","modified_gmt":"2022-12-07T20:26:09","slug":"consol-energy-and-noble-energy-close-o-k-3-3b-agreement","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/consol-energy-and-noble-energy-close-o-k-3-3b-agreement\/","title":{"rendered":"CONSOL Energy and Noble Energy Close \u2018O.K.\u2019 $3.3B Agreement"},"content":{"rendered":"

by Liviu Oltean, Associate Editor<\/p>\n

\"\"<\/a><\/p>\n

Consol Energy Boat in Pittsburgh, courtesy of Sabre Ball, via Wikipedia<\/p>\n<\/div>\n

CONSOL Energy Inc. and Noble Energy Close have closed on an agreement that entails the joint development of CONSOL\u2019s Marcellus Shale assets in Pennsylvania and West Virginia.<\/p>\n

Following this agreement, CONSOL will receive payments of about $3.3 billion.<\/p>\n

Noble Energy has obtained a 50 percent\u00a0interest in 628,000 acres for $1.0 billion, which will be paid in three installments. The first installment\u00a0has been paid at the closing of the agreement. In addition, Noble Energy obtained a 50\u00a0percent\u00a0interest in producing Marcellus Shale wells for $160 million and 50 percent\u00a0interest in gathering systems for $72 million.<\/p>\n

The agreement between the two companies also involves joint development for which Noble will have to pay $2.1 billion in the form of a 1\/3 drilling carry of certain CONSOL working interest obligations.<\/p>\n

\u201cAs we have worked with Noble Energy\u2019s team over the last six weeks to put this joint venture together, we have seen that we share similar corporate culture and we share a common vision for the accelerated development of these assets,\u201d said J. Brett Harvey, CONSOL\u2019s chairman and CEO.<\/p>\n

CONSOL Energy Inc. is the leader in diversified energy production in the Appalachian basin, and it was named by Fortune magazine as one of the most admired companies in America.<\/p>\n

In related news, D. Raja, the Republican candidate for Allegheny County in the upcoming elections, has disclosed a proposal that stipulates a new development at the Pittsburgh International Airport \u2013 the creation of a Marcellus Shale-focused business center. Raja\u2019s proposal includes the construction of a research and innovation center that is meant to promote and support Marcellus Shale developments and high-tech startup companies, the Pittsburgh Business Times<\/em> reports.<\/p>\n

The project is meant to enable the use of 1,800 acres of land that are not suitable for the structural development of the airport due to geographic impediments.<\/p>\n","protected":false},"excerpt":{"rendered":"

by Liviu Oltean, Associate Editor
\nCONSOL Energy Inc. and Noble Energy Close have closed on an agreement that entails the joint development of CONSOL\u2019s Marcellus Shale assets in Pennsylvania and West Virginia.
\nFollowing this agreement, CONSOL will receive payments of about $3.3 […]<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1602],"tags":[],"class_list":["post-1004052394","post","type-post","status-publish","format-standard","hentry","category-latest","category-pittsburgh"],"acf":[],"yoast_head":"\nCONSOL Energy and Noble Energy Close \u2018O.K.\u2019 $3.3B Agreement - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/consol-energy-and-noble-energy-close-o-k-3-3b-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CONSOL Energy and Noble Energy Close \u2018O.K.\u2019 $3.3B Agreement\" \/>\n<meta property=\"og:description\" content=\"by Liviu Oltean, Associate Editor CONSOL Energy Inc. and Noble Energy Close have closed on an agreement that entails the joint development of CONSOL\u2019s Marcellus Shale assets in Pennsylvania and West Virginia. 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