HOUSTON, April 22, 2015 /PRNewswire/ -- Noble Energy, Inc.
(NYSE: NBL) today announced an agreement with the U.S.
Environmental Protection Agency (EPA), the U.S. Department of
Justice (DOJ) and the State of
Colorado to improve emission control systems on a number of
oil storage tanks located within the Denver-Julesberg Basin (DJ
Basin) that may no longer comply with air regulations.
Based on the EPA and Colorado's
initial review of a relatively small number of older tank
batteries, Noble Energy elected to expand the consent decree to
identify additional opportunities to reduce emissions within the DJ
Basin.
"By working together with the federal government and the
State of Colorado to reduce
emissions we are doing the right thing," said Gary Willingham, Noble Energy Executive Vice
President of Operations. "We're implementing a serious action plan
through which we will evaluate tank batteries throughout our DJ
Basin operations, remove the tank batteries that should be removed,
improve others and implement enhanced environmental
strategies."
In accordance with the agreement's schedule, Noble Energy will
evaluate, monitor, verify, and report on the adequate design,
operation and maintenance of certain aspects of its storage tank
systems. This process, which is anticipated to continue into
2019, will result in expenditures to upgrade storage tank
systems. The system upgrade expenditures cannot yet be
quantified but are not expected to be material for our operations
in the DJ Basin. Noble Energy will also pay $4.95 million in civil penalties, provide
$4 million in funding for
supplemental environmental projects and $4.5
million in mitigation projects.
Mitigation measures in the agreement will further reduce
emissions. They include retrofitting engines to run on natural gas,
upgrading control systems for transferring oil and other liquids
from storage tanks to tanker trucks, and supporting scientific
research on sampling and analytical methods for managing
pressurized liquids. Noble Energy will also provide funding for
Front Range air quality programs, including incentives for the
change out of wood-burning stoves and gasoline-powered lawn
mowers.
A notice of the agreement between Noble Energy, EPA, DOJ and the
State of Colorado has been filed
with the U.S. District Court in Denver. The consent decree will be published
in the Federal Register and subject to public comment for 30
days.
Noble Energy is a leading independent energy company engaged in
worldwide oil and natural gas exploration and production. The
company has core operations onshore in the U.S., primarily in the
DJ Basin and Marcellus Shale, in the
Gulf of Mexico, offshore Eastern
Mediterranean, and offshore West Africa. Noble Energy is
listed on the New York Stock Exchange and is traded under the
ticker symbol NBL. Further information is available at
www.noblecolorado.com.
This news release contains certain "forward-looking
statements" within the meaning of federal securities law.
Words such as "anticipates," "believes," "expects,"
"intends," "will," "should," "may," and similar expressions
may be used to identify forward-looking statements. Forward-looking
statements are not statements of historical fact and reflect Noble
Energy's current views about future events. They include estimates
of oil and natural gas reserves and resources, estimates of future
production, assumptions regarding future oil and natural gas
pricing, planned drilling activity, future results of operations,
projected cash flow and liquidity, business strategy and other
plans and objectives for future operations. No assurances can be
given that the forward-looking statements contained in this news
release will occur as projected, and actual results may differ
materially from those projected. Forward-looking statements are
based on current expectations, estimates and assumptions that
involve a number of risks and uncertainties that could cause actual
results to differ materially from those projected. These risks
include, without limitation, the volatility in commodity prices for
crude oil and natural gas, the presence or recoverability of
estimated reserves, the ability to replace reserves, environmental
risks, drilling and operating risks, exploration and development
risks, competition, government regulation or other actions, the
ability of management to execute its plans to meet its goals and
other risks inherent in Noble Energy's business that are discussed
in its most recent annual report on Form 10-K and in other reports
on file with the Securities and Exchange Commission. These reports
are also available from Noble Energy's offices or website,
http://www.nobleenergyinc.com. Forward-looking statements
are based on the estimates and opinions of management at the time
the statements are made. Noble Energy does not assume any
obligation to update forward-looking statements should
circumstances or management's estimates or opinions change.
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SOURCE Noble Energy