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Friday, October 9, 2015

Gulfport Energy and Rice Energy Form Joint Venture in Utica Shale

From the Akron Beacon Journal:
Two of the key drilling companies in eastern Ohio have formed a new joint venture in the Utica Shale. 
Oklahoma-based Gulfport Energy Corp. and a subsidiary of Pennsylvania-based Rice Energy Inc. have agreed to develop natural gas-gathering pipelines and water services to support Gulfport’s drilling for natural gas in eastern Belmont and Monroe counties. 
Gulfport and Rice announced Thursday that they plan to invest approximately $520 million to develop gathering and compreRicssion assets and $120 million for water assets over the next six years. 
Each partner will fund its proportionate share of the total capital investments. Initial construction of the system is expected to begin immediately and first deliveries are planned for the middle of 2016. 
Gulfport will own 25 percent of the joint venture. Rice will own the remaining 75 percent. 
The joint venture will be supported by long-term, fee-based service agreements with Gulfport.
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