Back in April, India’s Reliance Industry announced their JV with Atlas Energy, Inc. in the Marcellus Shale and now they seem to be at it again talking with Pioneer Natural Resources about a possible JV in the Eagle Ford shale. Reliance and Pioneer are still in talks, sorting out the details, but Reliance is expected to pay less than the $1.7 billion they spent on the 40% interest in 300K net Marcellus acreage JV with Atlas. Pioneer currently holds roughly 310,000 net acres in the Eagle Ford with approximately 1,750 potential well locations, roughly 70% of which are in the liquids-rich window. Their Eagle Ford wells have an EUR of over 6 Bcfe/well which amounts to over 11 Tcfe gross resource potential. With the JV, Pioneer plans to increase to a 6-7 drilling rig program by the end of 2010, 10 rigs by the end of 2011 and 14 by the end of 2012.
The following are Pioneer’s drilling permits in the last 365 days. We can see that since April they have bumped up their permitting activity having 14 permits issued in the last 2 months.
To learn more visit the Pioneer Folder in the Unconventional Updates in DI’s DNA.
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