Encana, Nucor report joint Piceance basin gas drilling plan

11/26/2012
Steel manufacturer Nucor Corp. of Charlotte, NC, and Encana Oil & Gas (USA) Inc. agreed to a joint natural gas drilling program for the Piceance basin in Colorado in efforts to ensure Nucor a long-term, reliable gas supply while helping Encana with development costs, the companies said. The agreement will enable Encana to drill up to 4,000 new wells over 20 years—doubling the company's well count in Colorado, Encana spokesman Doug Hock in Denver told OGJ. Terms call for Nucor to pay its share of drilling costs plus an additional amount of carried interest as each well is drilled, subject to a cap on carry paid for each well and a cap on total carried interest. Either party may suspend...
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