Noble Energy Announces Sale of 30% Interest in Leviathan to Woodside Energy
Noble Energy (NYSE: NBL) today announced that the partners in the Leviathan Project have agreed in principle on a proposal to sell 30 percent working interest in the offshore Leviathan licenses to Woodside Energy Ltd. (ASX:WPL). All of the Leviathan partners, Noble Energy, Delek Drilling, Avner Oil Exploration and Ratio Oil Exploration, are participating as sellers to Woodside. Noble Energy will convey a 9.66 percent working interest and will continue as upstream operator with a 30 percent working interest. The transaction is subject to the negotiations and execution of definitive agreements between the parties, as well as customary approvals, prior to closing.
Charles D. Davidson, Noble Energy's Chairman and CEO, commented, "Noble Energy is extremely pleased to welcome such a substantial and knowledgeable strategic partner as Woodside. We are confident that their extensive experience in LNG projects will further unlock value in the world-class Leviathan resource. The entry of Woodside will bring additional international diversity to the Eastern Mediterranean area, thus highlighting the global importance of the Levant Basin."
Under the proposal, Noble Energy would receive cash payments totaling $464 million, which would be comprised of an initial cash payment of $287 million payable at closing