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Reliance enters Eagle Ford venture with Pioneer, Newpek

07/05/2010
A subsidiary of Reliance Industries Ltd. (RIL), Mumbai, has entered a joint venture with Pioneer Natural Resources Co., Dallas, and a partner in a $1.35 billion deal that will support the drilling of 356 horizontal wells/year in the Eagle Ford shale play of South Texas through 2013.Pioneer said the JV will finance a program it announced earlier that calls for the drilling of 26 horizontal wells in the play from now through December, 70 wells in 2011, 120 wells in 2012, and 140 wells in 2013.Pioneer said it would have 7 rigs drilling in the play by the end of 2010, 10 by the end of 2011, and 14 by yearend 2012. It reported earlier this year that it was pursuing a JV deal (OGJ, May 10, 2010...
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