Noble Energy's presence in the Marcellus Shale began in 2011 by virtue of a joint venture (JV) agreement with CONSOL Energy. The Marcellus Shale is recognized among the lowest cost domestic shale plays, and it is ideally located near major demand markets in the northeast U.S. Noble Energy and CONSOL Energy have similar approaches to development, and the JV agreement contains provisions that ensure both partners are economically aligned in an environment of low natural gas prices. The JV also has significant flexibility to adjust development plans as the partners deem appropriate.
While CONSOL operates rigs in the dry gas portion of Marcellus, we operate rigs in the wet gas areas where our activities continue to grow. We are leveraging our knowledge and experience of liquids-rich development in the DJ Basin to develop our holdings in the Marcellus Shale. We are focused on growing our production, targeting 120 wells to be drilled in 2013, with the majority focused on liquid-rich areas. Our Marcellus position has the potential to reach net production of 600 MMcfe/d in 2015.