Noble Energy acquired from Shell the 40 % stake and the operator status in the offshore contracts.

A few days after signing two important Exploration and Production (E&P) contracts offshore in the Colombian Caribbean, Shell and Noble Energy, pending approval from the National Hydrocarbons Agency –ANH, signed last Friday, March 22, an addendum for the assignment of interests, rights, and obligations in the contracts “COL-3” and “GUA OFF-3”, where Shell assigns 40 % of its participation and the operator status to the firm Noble Energy.

The signing of the assignment took place at the ANH facilities and was signed by the parties: Luis Miguel Morelli, president of the ANH as the contracting authority; Ana María Duque, president of Shell in Colombia as the assigning contractor; and Ian Gordon, general manager of Noble Energy Colombia Limited and Jim Demarest, vice president of Exploration of Noble Energy Inc., as assignee and new operator of the contracts. According to the president of the ANH, Luis Miguel Morelli: “The alliance established between Shell and Noble Energy is great news for the country, as it marks the arrival in Colombia of one of the most dynamic operators from the United States, with over 85 years of experience in onshore and offshore exploration, and that has discovered more than 3 billion barrels of net resources since 2005. This is a serious bet by two major companies on the Colombian offshore potential, which will surely bring progress and well-being to the Caribbean region as a whole.”.

It is worth noting that the E&P contracts “COL-3” and “GUA OFF-3” cover an area that, together, exceeds 880,000 hectares. Their execution includes the development of a Minimum Exploratory Program (PEM) and the Agency estimates investment commitments that, in their first phase, will exceed 100 million dollars.

Ana María Duque, president of Shell in Colombia, stated: “We want to welcome Noble Energy as the operator of the COL-3 and GUA OFF-3 blocks, and of course give a warm welcome to Colombia. We have received all the relevant approvals from the government, and this is a very important step to continue exploring the Colombian Caribbean and building win-win relationships with the communities and the authorities.”.

Finally, Ian Gordon, general manager of Noble Energy Colombia, highlighted that: “Noble Energy is pleased to be part of the exploration and production contracts for the offshore blocks COL-3 and GUA OFF-3. Noble Energy will operate these blocks with Shell as a member of the contract. We expect to drill our first well after analyzing the prospects in more detail and obtaining the corresponding approvals from the government. Furthermore, Noble Energy hopes to build its business in partnership with the communities and the people of Colombia.”.