Noble Energy's long-term plans has cut 60 jobs from its workforce, with 55 of them in Houston, and lays out plans for its offshore assets in the Eastern Mediterranean.
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Tamar operations, image from Delek. |
The firm said that the workforce adjustments to its organization were implemented as the company focuses its exploration and geoscience capabilities on increasing onshore US value, and high-grading global offshore exploration inventory.
“A total of approximately 60 exploration, geoscience and support positions were eliminated as a result,” Noble Energy said. “Workforce reductions occurred primarily in Houston and five in Denver.”
According to Noble Energy’s four-year plan, 25% of the company’s 2017 preliminary upstream capital expenditures will be dedicated its Eastern Mediterranean assets, including costs associated with the Tamar development well currently being drilled, and Leviathan post-sanction. Over 75% will be targeted for the company’s US onshore assets.
“We have made tremendous strides and significantly enhanced our business during the past two years,” David L. Stover, Noble Energy chairman, president and CEO said. “Our plan is fully funded and provides for additional opportunities or further acceleration, while also improving the balance sheet. Delivery of our plan is building on the momentum of significant outperformance in 2016, which is resulting in a preliminary 2017 outlook that is dramatically improved from original plans.”
Development at Leviathan is expected to start in 2017, and will be funded by the Tamar divestment. Sanction at Leviathan is still on track for year-end 2016 or early 2017, Noble Energy said. Noble anticipates sales volumes in 2020 to reach a minimum of 600 MMcf/d, and up to 1 Bcf/d gross.
The 3.5% Tamar divestment deal is set to close in Q4 2016, and Noble Energy said an additional 7.5% divestment is planned. The company also anticipates a 10% farm down of Leviathan.
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