Source Pravda.Ru

Petrobras to buy Noble Energy's interest in Argentina

A subsidiary of Petrobras is going to buy Noble Energy’s interest in the El Tordillo, La Tapera, and Puesto Quiroga concessions in southern Argentina. The company offers $117.5 million. The effective date of the sale is July 1, 2007.

Noble Energy, Inc. (NYSE: NBL) of Houston, Texas is the modern name of Noble Affiliates Inc., by which it was known through the 1990s, and it is now an oil and natural gas exploration and production company with almost US$3 billion in revenue.

In South America, the company operates in Argentina and Ecuador. In Africa , Noble Energy operates in Equatorial Guinea. And in Eurasia, it operates in the Mediterranean Sea , the North Sea and China.

The planned sale is a step towards significant growth of potential for the Company, that’s why it should strip first non-core assets.