Hess sees value in Utica Shale
Firm expects to operate about 80,000 acres in Ohio
US independent Hess and coal player Consol Energy are joining forces to tap the unconventional resource potential of Ohio’s Utica Shale play. As part of the deal, Hess will pay $593 million for a 50% stake in 200,000 acres Consol holds in the US shale play. The pair will jointly develop the assets, with drilling due to start in a few weeks. They expect to have two rigs operating in the acreage next year and will gradually increase that to five by 2015. Operatorship of assets in the Utica will be split between the two companies. Hess said it expects to operate about 80,000 acres across Jefferson, Harrison, Guernsey and Belmont counties, which are thought to be liquids rich. Consol will take o
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