Noble Ecuador PSC in doubt

Noble Energy has received notice from Ecuador’s government concerning the termination of the offshore block 3 production sharing contract (PSC) with Noble subsidiary EDC Ecuador.

Offshore staff

HOUSTON -- Noble Energy has received notice from Ecuador’s government concerning the termination of the offshore block 3 production sharing contract (PSC) with Noble subsidiary EDC Ecuador.

Recently, Ecuador enacted a hydrocarbon reform bill requiring all existing PSCs to be renegotiated as service contracts by Nov. 23, 2010.

Noble, which has a 100% interest in the block, says the service contract has not been re-negotiated, but it continues to work with the government to resolve this matter.

11/29/2010

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