| Noble Energy to Sell 35% Stake in Block 12, Cyprus for $165M | |
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Noble Energy, Inc. NBL announced that Britain’s BG International has agreed to acquire a 35% stake in Block 12 for a total cash consideration of $165 million. Block 12 of offshore Cyprus’ Exclusive Economic Zone includes the natural gas field, Aphrodite, believed to have natural gas resources of about 4 trillion cubic feet. Noble Energy will continue as the operator of Aphrodite with 35% interest.
Noble Energy expects to capitalize on BG’’s technical, financial and marketing expertise for developing the Aphrodite gas field. Even after the sale of interest, Noble Energy will continue to have a strong presence in the Mediterranean region, as the operator of Aphrodite with a 35% interest along with the Leviathan and Tamar gas fields in offshore Israel. The other 30% interest is held by Delek Group.
For BG, this acquisition represents a potential source of natural gas supply to Egypt where the firm has an equity ownership in the LNG export unit at Idku as well LNG offtake rights to lift 3.6 million tons per year. In Aug 2011, Noble Energy had agreed to a production-sharing deal with the Government of Cyprus for the commercial development of Block 12. In Jun 2015, Noble Energy and Delek Group announced that they intended to produce 8 billion cubic meters of natural gas from Aphrodite. Development plans for Aphrodite also include the construction of a pipeline to Egypt and an LNG plant in Cyprus that would receive gas from the Leviathan field. Additionally, Noble Energy has announced that it is divesting a 47% interest in Alon A and Alon C licenses to Delek Group for a consideration of $73 million. The licenses in offshore Israel which include the Tanin and Karish fields are an important step toward their ultimate sale to a third party. Zacks Rank Noble Energy carries a Zacks Rank #3 (Hold). Some better-ranked players in the oil and gas space are Antero Resources Corporation AR and Contango Oil & Gas Company MCF, sporting a Zacks Rank #1 (Strong Buy ) and Apache Corp. APA, carrying a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report APACHE CORP (APA): Free Stock Analysis Report NOBLE ENERGY (NBL): Free Stock Analysis Report CONTANGO OIL&GS (MCF): Free Stock Analysis Report ANTERO RESOURCE (AR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Noble Energy
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CODE : NBL |
ISIN : US6550441058 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Noble Energy is a producing company based in United states of america. Noble Energy is listed in United States of America. Its market capitalisation is US$ 4.9 billions as of today (€ 4.1 billions). Its stock quote reached its highest recent level on May 09, 2008 at US$ 97.39, and its lowest recent point on August 31, 2020 at US$ 10.00. Noble Energy has 492 191 992 shares outstanding. |