Noble Energy ups third quarter gas sales expectations

Noble Energy ups third quarter gas sales volume expectations

Noble Energy provided a new third quarter 2015 sales volume guidance, with the midpoint of the company’s new expectation representing a 10 thousand barrel of oil equivalent per day increase over the midpoint of its prior estimate. 

Following strong volume performance in July and August, the company has raised its anticipated third quarter 2015 sales volume range to between 360 and 370 MBoe/d, Noble informed in a statement.

The increase was driven primarily by enhanced well performance and infrastructure expansion in the DJ Basin. In addition, strong production is resulting from the company’s assets in Texas (Eagle Ford and Delaware), Marcellus Shale, Israel, and Equatorial Guinea.

Natural gas sales in Israel set a record in August as Noble Energy’s Tamar asset averaged more than one billion cubic feet of natural gas per day, gross, for the month.

The third-party Lucerne-2 plant has been tested to a nameplate capacity of 200 million cubic feet of natural gas per day. Addition of the Lucerne-2 plant has expanded total system natural gas processing capacity to 840 MMcf/d. Noble Energy’s net DJ Basin production has averaged approximately 115 MBoe/d through the first two months of the third quarter of 2015.

In regards to the Isreal’s Knesset vote in favor of the government’s approved regulatory framework for oil and natural gas development David L. Stover, Noble Energy’s Chairman, President and CEO, urged the government of Israel to follow through on this approved framework without further delay.

Noble Energy is targeting conclusion of the negotiations of gas sales contracts, both in Israel and the regional market, and is looking to reengage project teams to advance the expansion of Tamar and initial development of Leviathan toward sanction.

Image: Noble Energy

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