Noble Energy Corp said on Thursday it has finalized an agreement to sell part of its interest in a massive Israeli natural gas project to Australia's Woodside Petroleum Ltd for $1.03 billion in cash and future revenues. Noble Energy is developing the field, which is estimated to hold about 19 trillion cubic feet of natural gas, with Delek Group, Avner Oil Exploration and Ratio Oil Exploration.Each of the partners are selling 25 percent of their respective stakes to Woodside.The group wanted Woodside's expertise in developing liquefied natural gas (LNG) projects as well an additional investor.Noble Energy will receive $390 million when the deal closes later this year and an additional $135 million when a decision is made on an LNG facility or export contracts exceed a predetermined limit.
Noble Energy, Inc. (Noble Energy) is an independent energy company engaged in worldwide oil and gas exploration and production. Shares of NBL traded higher by 2.56% or $1.56/share to $62.61. In the past year, the shares have traded as low as $52.62 and as high as $78.01. On average, 2242850 shares of NBL exchange hands on a given day and today's volume is recorded at 7679427.
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