Shell has agreed to sell its Appalachia shale gas holdings (ca. 1,800 sq km) to National Fuel Gas Co. subsidiaries Seneca Resources Company, National Fuel Gas Midstream Company and NFG Midstream Covington for USD 541 MM cash and optional stock. The transaction is expected to close Jul '20 and be retro-effective 1 Jan '20. Current net production is ab. 250 MMcf/d. Release here.
Shell has agreed to sell its shale gas position in the NE of US for US$541 MMn. Under the terms of the deal, National Fuel Gas will get ca. 1,800 sq km across Pennsylvania, with around 350 producing Marcellus and Utica shale wells in Tioga County. Current net production is about 250 MMscf/d.