21 January 2019

Noble plans China oil field stake sale, WSJ says

Noble Energy Inc. has hired merger advisory firm Lazard Ltd. to sell its majority stake in an oil field off northeastern China, the Wall Street Journal reported Friday, citing people familiar with the matter. The US oil and gas producer could sell the stake for US$200-300 million, a source was quoted as saying. Noble holds a 57 percent stake in the Chengdaoxi field, which currently produces about 4,000 barrels a day of crude oil, while China Petroleum & Chemical Corp. (Sinopec, 00386.HK) holds the remaining stake. Roc Oil Co., a medium-sized Australian oil and gas producer, could be a bidder for Noble’s stake, the report said.

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