Noble Energy Announces Heads of Agreement to Evaluate Floating LNG, Offshore Israel

HOUSTON, Nov. 29, 2011 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced that the partners in the Tamar and Dalit fields, offshore Israel, have entered into a Heads of Agreement (HOA) with Daewoo Shipbuilding & Marine Engineering Co. Ltd. and D&H Solutions AS to evaluate Floating LNG for the export of natural gas from the Tamar and Dalit fields.

Pursuant to the HOA, the parties will engage in preliminary engineering design work to define the technical parameters required for the detailed design. This phase would be followed, if the parties so decide, by Front End Engineering Design (FEED) and negotiation of relevant offtake agreements. Such agreements, if consummated, would not be expected to affect the planned supply capacity of the Tamar field to the Israeli market.

Noble Energy operates Tamar and Dalit with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration with the remaining four percent.

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production.  The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa.  Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL.  Further information is available at www.nobleenergyinc.com.

Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) is headquartered in Seoul with a world leading Shipyard located in Geoje-Island, South Korea, and has prospered as the world's premium specialized shipbuilding and offshore contractor with over 30 years of experience in the shipbuilding and offshore industry. DSME possesses the dedicated resources and state of the art facilities to construct and complete sophisticated products with a level of technical superiority second-to-none, with on-time delivery and an unparalleled dedication to customer satisfaction.

D&H Solutions AS is a joint venture partnership established in Norway between DSME and Hemla II. D&H strives to develop solutions in monetizing stranded natural gas resources around the world in collaboration with its strategic partners and the field owners whilst generating additional value by means of consolidating the natural gas value chain and inviting both the owners of the natural gas and the off-takers to take part in the value creation business model. 

This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "expects," "intends,"  "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. They include planned development activities, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the negotiation and execution of definitive agreements, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the Securities and Exchange Commission. These reports are also available from Noble Energy's offices or website, http://www.nobleenergyinc.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. 
 

SOURCE Noble Energy