Noble Energy Commences Production at Gunflint in the Gulf of Mexico
July 21 2016 - 7:32AM
Noble Energy, Inc. (NYSE:
NBL) (“Noble Energy” or
“the Company”) announced today that it has recently commenced
production at the Company’s Gunflint oil development in the
deepwater Gulf of Mexico. The two-well field is ramping up
and is anticipated to reach a minimum gross production of 20
thousand barrels of oil equivalent per day (MBoe/d), with oil
representing approximately 75 percent of the volumes produced.
The net amount to Noble Energy is expected to be at least 5
MBoe/d, with potential for additional volumes dependent upon
available capacity at the third-party host facility. The
Gunflint development, located at Mississippi Canyon Block 948, is a
subsea tie-back to the Gulfstar One facility owned by Williams
Partners L.P. and Marubeni Corporation.
Hodge Walker, Noble Energy’s Vice President,
Gulf of Mexico and West Africa, stated, “The Gunflint project marks
our fourth successful offshore major project completed within the
past nine months, including the start-up of Big Bend and Dantzler
in the Gulf of Mexico as well as the non-operated Alba B3
compression platform in Equatorial Guinea. Our drilling and
completions teams delivered impressive technical accomplishments on
the Gunflint development, including several innovative first time
techniques for the industry. The coordination of simultaneous
operations, including topside modifications at the floating
production system and subsea well activities, is an accomplishment
for all involved. The project was completed on time and under
budget and will provide significant impact to Noble Energy as we
progress through the rest of the year and into 2017.”
Noble Energy operates the Gunflint field with a
31.14 percent working interest. Other working interest owners
include Ecopetrol America Inc. with 31.50 percent, Samson Offshore
Mapleleaf, LLC with 19.13 percent, and Marathon Oil Corporation
with 18.23 percent.
Noble Energy (NYSE: NBL) is an
independent oil and natural gas exploration and production company
with a diversified high-quality portfolio of both U.S.
unconventional and global offshore conventional assets spanning
three continents. Founded more than 80 years ago, the company is
committed to safely and responsibly delivering our purpose:
Energizing the World, Bettering People’s Lives®. For more
information, visit www.nobleenergyinc.com.
Forward Looking Statements
This news release contains certain “forward-looking statements”
within the meaning of federal securities law. 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 may include estimates
of oil and natural gas reserves, estimates of future production,
assumptions regarding future oil and natural gas pricing, planned
drilling activity, future results of operations, projected cash
flow and liquidity, 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 volatility in commodity prices for
crude oil and natural gas, the presence or recoverability of
estimated reserves, the ability to replace 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, management’s estimates, or opinions change.
Investor Contacts
Brad Whitmarsh
(281) 943-1670
brad.whitmarsh@nblenergy.com
Megan Repine
(832) 639-7380
megan.repine@nblenergy.com
Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com
Paula Beasley
(281) 876-6133
media@nblenergy.com
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