Noble Energy and BG International Agree to Partnership in Block 12 Offshore Cyprus
November 23 2015 - 8:00AM
Noble Energy, Inc. (NYSE:
NBL) (“Noble Energy” or
“the Company”) announced today a farm-out agreement for a portion
of its interest in Block 12 offshore Cyprus with BG International
(“BG”). BG is acquiring a 35 percent interest in Block 12,
which includes the Aphrodite natural gas discovery, for total cash
consideration of $165 million. Aphrodite, discovered in 2011, has
gross mean natural gas resources of approximately four trillion
cubic feet. The transaction has an effective date of April 1, 2015,
and is expected to close before the end of 2015. Noble Energy will
maintain operatorship of Block 12 with a 35 percent interest.
J. Keith Elliott, Noble Energy’s Senior Vice President of
Eastern Mediterranean, said, “Entering this upstream partnership
with BG in our Cyprus discovery is an important step in moving the
project forward for development. BG brings substantial technical,
financial and marketing capacity to the partnership. Their
longstanding presence and experience in the region are great
complements to our own, and we are confident our combined strengths
will enhance the value of Block 12. We are continuing to work with
the government of Cyprus to finalize Aphrodite development
plans. In conjunction with that work, we have recently
commenced gas marketing efforts, primarily targeting customers in
Egypt, including both domestic purchasers and underutilized
liquefied natural gas (LNG) plants.”
In addition to this transaction, Noble Energy announced the sale
of its 47 percent interest in the Alon A and Alon C licenses
offshore Israel, which include the Tanin and Karish fields, to the
Delek Group for a total deal value of $73 million. The
divestment of interest in these assets is an important step in
fulfilling Noble Energy’s obligations under the recently-approved
Regulatory Framework in Israel and will simplify the ultimate sale
of Tanin and Karish to a third party.
Completion of both transactions are subject to certain
regulatory approvals as well as customary closing conditions and
adjustments.
Noble Energy (NYSE: NBL) is a global independent oil and natural
gas exploration and production company with total proved reserves
of 1.7 billion barrels of oil equivalent at year-end 2014 (pro
forma for the Rosetta acquisition). The company’s diverse resource
base includes positions in four premier unconventional U.S. onshore
plays – the DJ Basin, Eagle Ford Shale, Delaware Basin, and
Marcellus Shale – and offshore in the U.S. Gulf of Mexico, Eastern
Mediterranean and West Africa. Driven by its purpose, Energizing
the World, Bettering People’s Lives®, the company is committed to
safely and responsibly providing energy to the world while
positively impacting the lives of our stakeholders. For more
information, visit http://www.nobleenergyinc.com.
Forward Looking Statements
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, 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, management’s estimates, or opinions change.
The Securities and Exchange Commission requires oil and gas
companies, in their filings with the SEC, to disclose proved
reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally
producible under existing economic and operating conditions. The
SEC permits the optional disclosure of probable and possible
reserves, however, we have not disclosed the Company’s probable and
possible reserves in our filings with the SEC. We use certain terms
in this news release, such as “estimated gross resource,” which are
by their nature more speculative than estimates of proved, probable
and possible reserves and accordingly are subject to substantially
greater risk of being actually realized. The SEC guidelines
strictly prohibit us from including these estimates in filings with
the SEC. Investors are urged to consider closely the disclosures
and risk factors in our most recent annual report on Form 10-K and
in other reports on file with the SEC, available from Noble
Energy’s offices or website,
http://www.nobleenergyinc.com.
Investor Contacts
Brad Whitmarsh
(281) 943-1670
brad.whitmarsh@nblenergy.com
Megan Repine
(832) 639-7380
megan.repine@nblenergy.com
Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com
Paula Beasley
(281) 876-6133
media@nblenergy.com
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