Noble Energy Puts North Sea Properties up for Sale

15 September 2009 (Last Updated September 15th, 2009 18:30)

Houston-based oil and gas company Noble Energy has decided to put North Sea properties estimated to cost up to $650m up for sale. International energy research firm Simmons & Co International said that the North Sea is a non-core property for Noble with less upside potential than it

Houston-based oil and gas company Noble Energy has decided to put North Sea properties estimated to cost up to $650m up for sale.

International energy research firm Simmons & Co International said that the North Sea is a non-core property for Noble with less upside potential than its core assets portfolio.

Noble has appointed Scotia Waterous to mediate the transaction, which covers its stake in four UK Southern Gas Basin fields, four North Sea oil fields and a field offshore the Netherlands.

The deal also covers the company’s stake in a production storage offloading (FPSO) vessel.

Scotia Waterous said that the assets, which have a crude oil output of more than 90%, are expected to generate 13,700bpd by the end of the year.

A deadline of 21 October has been set for the bids.