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Falklands Islands

Noble Energy Unveils Deepwater Discovery in Gulf of Mexico

Noble Energy Inc. (NBL) unveiled a discovery in the Big Bend exploration area in the Gulf of Mexico as it also abandoned another well off the shore of the Falkland Islands that yielded a low-quality reservoir.The results come as Noble shuffles its portfolio to focus on higher-profit areas. The Houston-based oil and gas producer has been selling its noncore assets to focus its spending on horizontal drilling operations in the U.S. and offshore projects in Gulf of Mexico, the Mediterranean, and offshore West Africa.The nearly 16,000-foot-deep well in the Gulf of Mexico's Big Bend area, which is located in 7,200 feet of water, has roughly 150 feet of net oil pay, Noble said. The Houston-based exploration and production company has a 54% working interest in the project, with W&T Offshore Inc. (WTI) holding another 20% stake.Meanwhile, Noble said a deepwater well in the Scotia area off the coast of the Falklands revealed about 164 feet of low quality reservoir. The operator, Falklands Oil &...

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