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MarketScreener Homepage  >  Equities  >  Nyse  >  Noble Energy    NBL

NOBLE ENERGY (NBL)
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Delayed Quote. Delayed  - 01/18 04:02:50 pm
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Noble Energy : Aphrodite consortium close to gas deal with Egypt LNG plant

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10/10/2018 | 04:27am EST

US, Israeli and British interests in the Aphrodite field are close to striking a deal with Egypt to pump Cyprus natural gas to the Idku LNG plant.

Commercial negotiations are underway between the companies owning the Aphrodite gas (Noble Energy, Delek, Shell) and the LNG plant in Egypt, Cypriot Foreign Minister Nicos Christodoulides told Egyptian newspaper Al Akhbar.

What I can say is that these negotiations are advanced and very close to conclusion, paving the way for the commencement of the implementation of the gas pipeline, he added.

Last month, Nicosia and Cairo signed an inter-state agreement opening the way for the Mediterraneans first subsea pipeline to carry Cyprus natural gas to Egypt for re-export to Europe.

The agreement was crucial in efforts of both countries to channel gas from the islands Aphrodite reservoir to Egypt and attract multi-billion infrastructure investments.

Texas-based Noble Energy in 2011 made the first discovery off Cyprus in the Aphrodite block estimated to contain around 4.5 trillion cubic feet of gas but it has yet to be extracted.

But the Aphrodite consortium including Israel`s Delek and Royal Dutch Shell - seeks to renegotiate its contract on the gas field before it plans to tap the gas.

It is currently in talks with the Cypriot government over a bigger share of the profits to make the project viable.

The discovery of nearby Egypts huge Zohr offshore reservoir in 2015 has stoked interest that Cypriot waters hold the same riches.

Construction of the pipeline depends on how fast commercial agreements advance with the investors.

Cyprus aims for natural gas to start flowing to Egypts LNG facility in 2022, therefore generating its first revenue from natural gas in the same year.

Christodoulides said the gas pipeline agreement constitutes a milestone, not only for the relations between the two countries but also for the whole region.

In essence, the agreement puts in place the necessary legal framework, facilitating the conclusion of the commercial negotiations between the companies owning the Aphrodite gas and the Idku LNG plant.

He said the pipeline will benefit both the Cypriot and the Egyptian economy enormously, not only by securing revenues from the hydrocarbon exploitation but also by creating jobs, attracting foreign direct investment, building the necessary infrastructure and contributing to the energy security of the wider region.

(c) 2018 Saudi Research and Publishing Co. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
NOBLE ENERGY 0.86% 23.39 Delayed Quote.24.68%
ROYAL DUTCH SHELL 0.07% 26.85 Delayed Quote.4.56%
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Financials ($)
Sales 2018 4 916 M
EBIT 2018 1 063 M
Net income 2018 822 M
Debt 2018 6 210 M
Yield 2018 1,83%
P/E ratio 2018 14,32
P/E ratio 2019 25,47
EV / Sales 2018 3,55x
EV / Sales 2019 3,70x
Capitalization 11 222 M
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Number of Analysts 34
Average target price 34,3 $
Spread / Average Target 47%
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David L. Stover Chairman & Chief Executive Officer
Brent J. Smolik President & Chief Operating Officer
Kenneth M. Fisher Chief Financial Officer & Executive Vice President
Edward F. Cox Independent Director
Michael A. Cawley Lead Independent Director
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