Newfield and Hess team for Marcellus

SCANPIX/Reuters

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Noah Brenner

 14 October 2009 16:33 GMT

US independent Newfield Exploration and US integrated Hess signed an agreement today to jointly explore the Marcellus Shale play in Pennsylvania.



The agreement covers up to 140,000 acres, mostly in Susquehanna and Wayne counties.

Newfield will operate the new venture with each company having a 50% interest.

"Today, with substantially all of our acreage held-by-production in the Woodford Shale, it's a great time for us to enter an important new focus area and apply our expertise to a similar play of scale,” Newfield boss Lee Boothby.

“We expect to build a business here, just as we have done in the Mid-Continent and the Rocky Mountains."

Newfield's operations this year in Marcellus will be funded…

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