November 26, 2010 / 6:28 PM / 9 years ago

Noble Energy says Ecuador cancels oil contract

HOUSTON, Nov 26 (Reuters) - Noble Energy Inc NBL.N said on Friday that the government of Ecuador canceled a production sharing contract as that country seeks more oil revenue through new agreements.

The new accords end previous profit-sharing agreements in favor of flat-fee service contracts. [ID:nN22279927]

Noble, based in Houston, said a service contract has not been negotiated, but it is continuing to work with Ecuador to resolve the matter.

Noble Energy operated Block 3 with a 100 percent working interest. Its reserves in Ecuador are less than 3.5 percent of company totals.

In afternoon New York Stock Exchange trading, Noble shares were off $1.30 or 1.6 percent to $82.46. (Reporting by Anna Driver, editing by Gerald E. McCormick)

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