Noble Receives Termination Notice of PSC Offshore Ecuador
Noble has received notice from the government of Ecuador regarding the termination of the Block 3 production sharing contract (PSC) with EDC Ecuador Ltd., a subsidiary of Noble Energy. A recently enacted hydrocarbon reform bill required that all existing PSCs be renegotiated as service contracts by November 23, 2010. A service contract on Block 3 has not been negotiated. The Company is continuing to work with the government of Ecuador to resolve this matter.
Noble Energy operated Block 3 with a 100 percent working interest. The Company's investment and reserves in Ecuador are less than 3.5 percent of Company totals.
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