Noble discounts discontinued North Sea operations

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Noble discounts discontinued North Sea operations

Posted 30.07.2012 12:44:58 av John Bradbury

Noble Energy has treated its North Sea assets as discontinued operations after declaring its intent to sell them.

In its second quarter results, Noble said it has now signed a sale and purchase agreement for the sale of its UK Dumbarton and Lochranza field assets in the North Sea.

The value of the discontinued operations was put at US $292 million at the end of the second quarter – compared with $294 m at the end of the second quarter last year.

At the end of 2011 Noble indicated its North Sea assets held 11 m boe of total proved reserves and net daily production last year was 9 m boe/d. The assets comprise the Dumbarton, MacCulloch and Lochranza fields.

Noble began production from the North Sea in 2007, from the Dumbarton field, where it hold 30% equity, which is the company's largest UK North Sea oil asset. The first well at Lochranza, which was tied in to Dumbarton, began producing at the end of 2009, and a second Lochcranza well came onstream in mid-2010.

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