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Noble Energy, Inc. is an independent energy company based in Houston, Texas. Operations include the exploration, development, and production of crude oil and natural gas in the U.S. and internationally. Key focus areas of the company are the U.S. onshore, the deepwater Gulf of Mexico, the Eastern Mediterranean and West Africa.
The largest deepwater Gulf of Mexico exploration discovery for Noble Energy has been the Gunflint discovery in 2008. In January 2009, Noble Energy announced a significant discovery at Tamar, offshore Israel, the largest discovery in the company’s history. These and other major development projects are expected to create sustained cash flows after investment and attractive financial returns. Noble Energy, Inc.’s common stock is listed on the New York Stock Exchange under the symbol “NBL”.
Noble Energy, Inc. has a long history of crude oil and natural gas exploration, exploitation, and development activities in the United States, with an onshore U.S. presence since 1932 and a Gulf of Mexico presence since 1968. Noble was one of the first independent producers to explore offshore in the Gulf of Mexico.
With 22 new leases awarded in 2009 in the deepwater Gulf of Mexico, Noble will have a significant presence in the Gulf of Mexico. U.S. operations accounted for 56% of Noble Energy’s 2009 consolidated sales volumes and 56% of total proven reserves.
Noble’s stature as a major deepwater service provider has recently been enhanced by a June 2010 merger agreement, in which Noble Energy Inc. will acquire privately held Frontier Drilling (see June 28, 2010 Forbes article). The acquisition includes Frontier’s fleet of drillships, a conventionally moored deepwater semi-submersible drilling rig, and one dynamically positioned floating production, storage, offloading (FPSO) vessel. Noble remains on the lookout for new chances to expand its fleet; Noble currently owns the second-largest fleet of offshore drilling rigs, behind only Transocean Ltd.
Noble Energy is geographically more diversified than many of its competitors. In addition to Noble Energy’s wide geographical presence, their operations are also more broadly focused. Noble’s projects range from low-risk onshore drilling sites to higher-risk deepwater and unconventional natural gas deposits. Some of Noble Energy’s top competitors include Quicksilver Resources, Forest Oil, Denbury Resources, Inc., and EOG Resources.
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