Feb 21 Noble Energy Inc has hired
merger-advisory firm Lazard Ltd to sell its majority
stake in an oil field it owns with Sinopec just off northeastern
China, the Wall Street Journal reported, citing people familiar
with the matter.
According to one source, the U.S. oil and gas producer could
sell its stake for between $200 million and $300 million, the
newspaper reported. (
Noble Energy and Lazard were unavailable for immediate
comment to Reuters outside regular U.S. business hours.
Noble holds a 57 percent stake in the Chengdaoxi field,
which currently produces about 4,000 barrels a day of crude oil,
the Journal said. State-controlled China Petroleum & Chemical
Corp, known as Sinopec, holds the remaining stake.
Roc Oil Co, a medium-size Australian oil and gas
producer, is a prospective bidder for Noble's stake, the paper
reported. Noble's stake has attracted interest from a wide field
that includes other medium-size energy companies.
Roc Oil too couldn't be reached by Reuters for immediate
Noble said earlier this month in a statement that its
production-sharing contract in China would expire in 2018 and
that it was negotiating to sell its Chinese assets, the Journal