Noble acquires offshore license area from ConocoPhillips
Noble Energy Inc. said Thursday it has acquired ConocoPhillips’ 50 percent participating interest in the PH-77 license offshore the Republic of Cameroon.
Houston-based Noble (NYSE: NBL) did not disclose financial terms of the deal.
The acquisition of an interest in the PH-77 license area represents Noble’s initial entry into the Republic of Cameroon and its first partnership with the Societe Nationale des Hydrocarbures, the national petroleum company of Cameroon, as well as PETRONAS Carigali Overseas Sdn. Bhd, a wholly owned subsidiary of the Malaysian national oil company PETRONAS.
Noble Chairman and President Charles Davidson says the acquisition from Houston-based ConocoPhillips (NYSE:COP – News) enhances his firm’s West Africa portfolio and will allow it to leverage knowledge gained in blocks in Equatorial Guinea.
Noble currently operates with a 40 percent to 50 percent interest in more than 1.75 million contiguous acres in the Gulf of Guinea.
Published July 6, 2006 by the Houston Business Journal
