Forest Oil said Schlumberger will pay $90 million for future drilling and development costs of the field. As a result, Schlumberger will earn a 50 percent working interest in the shale acreage.
Future drilling participation by the companies will occur on a 50/50 basis, according to Forest Oil.
Assistance from Schlumberger will come in the form of service offerings and management support for drilling, completion and lifting technologies, reservoir management technologies and the development of unconventional resources workflows, Forest Oil stated.
"We are pleased to be part of this exciting opportunity, in which Forest and Schlumberger are fully aligned and committed to the development of Forest's Eagle Ford unconventional resources," said Schlumberger Production Management President Carl Trowell. "Our primary goal will be to support and complement Forest's current team, and to develop and deploy industry-leading technologies; develop the best unconventional resource workflows; and implement new reservoir management techniques in order to maximize production and reserves."