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TheStreet Open House

Noble Energy Announces Highlights Of 2012 Analyst Conference

Stocks in this article: NBL

The Company is progressing its evaluation of development concepts at its Cyprus discovery and continues to work with the Government of Cyprus on monetization options.

West Africa

Production from the Aseng field in Block I and the Alba field, both offshore Equatorial Guinea, continues to provide very strong cash flows supporting Noble Energy's major developments in West Africa.  Strong operational execution at Aseng has resulted in an average production rate of 60 MBbl/d gross with over 99 percent uptime since start-up in November of 2011.  The floating production, storage and offloading (FPSO) vessel at Aseng and the processing platform at Alen will provide regional infrastructure for future developments which are expected to benefit from lower overall operating costs.

Noble Energy has applied learnings from the major project development at Aseng to the Alen project, which is now ahead of schedule.  The well operations are complete and the platform is preparing for loadout.  The platform installation is planned for the second quarter of 2013 and first production is now expected in the third quarter.  Alen is among the most sophisticated projects that the Company has undertaken and includes processing, liquids offtake to the Aseng FPSO, and gas reinjection to the reservoir.  Integral to the project achievements has been strong relationships with contractors demonstrated through an attitude of shared success and the early installation of the wellhead platform allowing drilling work to be completed off the project critical path.  The Company expects first production at 40 MBbl/d gross, 18 MBbl/d net.

Recent successful appraisal drilling at Carla, an oil discovery located beneath the Alen field, is moving field development ahead with project sanction now expected in 2013.  The plan of development entails utilizing the Aseng FPSO as a regional oil hub with first production in early 2016 and an initial production rate of 11 MBbl/d net.  The Carla discovery has a P75-P25 gross resource range of 36 to 136 MMBoe.  Diega, another nearby oil discovery with a P75-P25 gross resource range of 65 to 116 MMBoe, is targeted for appraisal drilling in 2014.

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