Feb 21 Noble Energy Inc has hired
investment bank Lazard Ltd to help arrange the sale of
its majority stake in a small oilfield that it owns with Sinopec
off northeastern China, a person familiar with the
The Wall Street Journal reported earlier that Houston-based
Noble could raise between $200 million and $300 million by
selling its 57 percent stake in the Chengdaoxi field. ()
State-controlled China Petroleum & Chemical Corp, known as
Sinopec, holds the remaining stake in the field, which is
classified as an onshore project because it is in waters less
than 5 meters (16 feet) deep.
The field, which has been pumping oil for decades, produces
about 4,000 barrels of crude per day.
Noble Energy and Lazard were unavailable for comment to
Reuters outside regular U.S. business hours.
Australian oil and gas producer Roc Oil Co is a
among prospective bidders for Noble's holding, the Journal said,
adding that the stake had attracted interest from a wide field
that included other medium-sized energy companies.
Roc could not be reached by Reuters for comment.
The news of the potential sale comes about two weeks after
Noble surprised Wall Street with a weak production forecast and
a lower-than-expected quarterly profit.
Many U.S. oil companies have been divesting overseas assets
to raise funds to develop shale projects at home.
Noble agreed earlier in February to sell part of its stake
in the huge Leviathan natural gas project in Israel to
Australia's Woodside Petroleum Ltd for $1.03 billion in
cash and future revenues.
Earlier this week, Hong Kong-listed oil trader Brightoil
Petroleum Holdings Ltd agreed to buy Anadarko
Petroleum Corp's China unit for $1.08 billion.