Saturday, Feb 4, 2023
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Alen gas project to commence in early 2021

Noble Energy Chevron
Noble Energy’s Alen natural gas development project is preparing to commence early next year, a local media reported. The project is located on the offshore of Equatorial Guinea. It is reported that the project’s pipeline installation covers 43 miles. Also, it has the capacity to transport 950 million cubic feet of natural gas each day. This is slated for the third quarter of this year. This...

Noble Energy’s Alen natural gas development project is preparing to commence early next year, a local media reported. The project is located on the offshore of Equatorial Guinea.

It is reported that the project’s pipeline installation covers 43 miles. Also, it has the capacity to transport 950 million cubic feet of natural gas each day. This is slated for the third quarter of this year.

This project is one of Africa’s energy projects slated for completion in the near future. However, the protracted pandemic has slashed investments for the continent’s capital-intensive projects, a local media reported.

More recently, Chevron has agreed to acquire Noble Energy in a stock transaction which is  valued at $5 billion. According to the deal, the latter’s shareholders will each receive one share of Chevron stock for every ten Noble Energy shares in their holdings. Chevron Chairman and CEO Michael Wirth, told the media, “This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources. Noble Energy’s multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow.”

Previously, Noble Energy had completed a major task on cost-cutting, lowering its production costs to $6.60 per barrel of oil equivalent, media reports said.

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