Noble, Maersk Oil Enter North Sea Sale
Noble Energy, Inc. has entered into a definitive agreement with Maersk Oil North Sea Limited for the sale of certain assets located in the North Sea of the UK. The sale includes the Company's thirty percent non-operated working interest in the Dumbarton and Lochranza properties, which produced approximately 4,400 barrels of oil equivalent (boe) per day, net to Noble Energy, in the first quarter of 2012. At the end of 2011, net proved reserves at Dumbarton and Lochranza were 5.6 million boe.
Noble Energy will receive $127 million, subject to customary adjustments for net cash flows between the effective date of January 1, 2012 and the closing date, which is expected to occur by the end of the third quarter of 2012. Separate from this transaction, the Company is considering the sale of its other North Sea assets and will continue ongoing efforts to divest its non-core US onshore properties.
David L. Stover, Noble Energy's President and Chief Operating Officer, commented, "The sale of these non-strategic properties allows us to focus our resources on our five core business units and also strengthens our balance sheet."
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Fault at Israel's Tamar Gas Field Prompts Use of Dirtier Fuels (Sep 22)
- Leviathan Partners in Talks to Pipe Gas to Egypt Via Jordan (Aug 10)
- Deal Of The Month: Noble Energy Marches Out of Marcellus in Full $1.9B Exit (May 31)
Company: Maersk Oil & Gas more info
- Maersk Oil CEO To Step Down After Total Takeover (Sep 27)
- Maersk Stands to Get Another $7.5 Billion for Energy Divestments (Aug 21)
- Fars News Agency: Maersk Sees Up To 140,000 Bpd Potential For Iran Field (Aug 01)