Ecuador: Noble Energy sells Amistad, related assets

By OGJ editors
-- Noble Energy Inc., Houston, exited from Ecuador having received $97 million in compensation to transfer its assets to various government-affiliated entities.

Compensation was received for Amistad field and the Block 3 production sharing contract in the Gulf of Guayaquil that was terminated by the government on Nov. 25, 2010. In addition, total proceeds included an amount for the assignment of the Machala Power Electricity concession and its associated assets. Noble Energy previously owned these assets with a 100% working interest.

The company’s net book value for the assets totaled approximately $68 million.

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