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Oil & Gas

Leviathan partners in talks to supply gas to Israeli companies

Partners in the Leviathan natural gas site in Israel are said to be in talks to supply gas to a number of companies in the region. A statement to the Tel Aviv Stock Exchange showed a message from units of Delek Group which said the firms were private electricity producers and industrial companies.


Noble Energy posts losses despite rise in oil and gas sales

Noble Energy posted a $109million loss in the second quarter of the year despite increased sales of oil and natural gas. The company said it expects it will be increasing production throughout the rest of the year but it is likely to be at an increasingly cheaper cost. Noble has posted second quarter profits of $101million down 68% from the $323million the company had earned the same time last year.

Other News

Noble hits back at critics with open letter

Asia’s largest commodity trader Noble Group Ltd. took on its critics today with an open letter defending its accounting methods and valuations of a coal asset. Noble has seen its shares drop more than 40 percent since a group that calls itself Iceberg Research published a report in February claiming Noble uses inventory repurchase agreements to cut its debt levels at key financial reporting periods. Ex- Morgan Stanley banker Michael Dee is another critic of the company and has called on its Chairman Richard Elman to resign. Both Iceberg and Dee rejected Noble’s letter, saying they stand by their claims.

Oil & Gas

Noble Energy set to buy Rosetta Resources in $2.1billion deal

Noble Energy Inc. will acquire Rosetta Resources Inc. for $2.1 billion in stock, giving the Houston-based oil company a position in two of the largest areas of shale production in Texas. Noble will also assume Rosetta’s net debt of $1.8 billion, the company said in a statement on Monday. The valuation is about a 38 percent premium to the target’s closing price on Friday. Rosetta produced 66,000 barrels a day of oil and gas in the first quarter from the Eagle Ford and Permian areas, of which more than 60 percent was liquids.

Oil & Gas

Noble set to retire ‘old iron’ as market gets tougher

London listed, but still North American at its core, drilling contractor Noble Corporation is disposing of three of its older rigs . . . the semi-submersibles Noble Paul Wolff, Noble Driller and Noble Jim Thompson. What has not been stated is whether they will be scrapped. In the case of the last named, the company will be substituting another semi-, the Noble Paul Romano to execute a previously announced contract covering four wells, or a primary term of up to one year in the US Gulf of Mexico. The Paul Romano is in the Canary Islands and is expected to start operations on or around September 1. The deteriorating drilling market is behind the decision with DavidWilliams, chairman, president and CEO of the company, reporting last month: “Rapidly declining crude oil prices during the fourth quarter further aggravated the offshore supply imbalance and contributed to an increasingly difficult environment for securing new contract commitments from our customers.


Noble posts $240 million loss as its accounting comes under fire

Noble Group Ltd., under attack from an anonymous group alleging accounting malpractice, said it swung to a loss in the fourth quarter due to a tumble in commodity prices and asset write-downs. Asia’s biggest commodity and energy trader reported a loss of $240 million in the three months ended December 31, compared with a net income of $117 million a year earlier, according data. Sales fell 14% to $21 billion. The loss was the first since the third quarter of 2011, the data show. The results come as Hong Kong-based Noble’s accounting practices are questioned by a group calling itself Iceberg Research.