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Noble Energy Unveils Deepwater Discovery in Gulf of Mexico

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Noble Energy Inc. unveiled a discovery in the Big Bend exploration area in the Gulf of Mexico, though another well off the shore of the Falkland Islands yielded a low quality reservoir.

The nearly 16,000-foot-deep well in the Big Bend area, which is located in 7,200 feet of water, has roughly 150 feet of net oil pay.

The exploration and production company has a 54% working interest in the project. W&T Offshore Inc. (WTI) has a 20% interest.

Noble said a deepwater well in the Scotia are off the coast of the Falklands identified about 164 feet of low quality reservoir. The operator, Falklands Oil & Gas PLC plans to plug and abandon the well, according to Noble.

Noble has been selling its noncore assets to focus its spending on higher-return areas, including horizontal drilling operations in the U.S. and offshore projects in Gulf of Mexico, the Mediterranean, and offshore West Africa.

The company in October reported that its third-quarter profit fell 50% as higher costs and fewer gains on derivatives masked revenue growth.

Copyright (c) 2012 Dow Jones & Company, Inc.

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