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| Caribbean-Latin America |
| US energy firm exiting Ecuador |
| 2011-06-02 |
| [Iran Press TV] Noble Energy Inc., a US-based oil and gas producer, says it is leaving Ecuador after receiving USD97 million for selling its assets to government-affiliated entities in the South American country. Prior to the announcement on Tuesday, Noble Energy had assigned a net book value for the assets of about USD68 million in compensation for the transfer of its assets, which include offshore Amistad field assets and a production-sharing contract that the government of the Latin American nation terminated in November, Rooters reports. Noble Energy said in November that its investment and reserves in Ecuador were less than 3.5 percent of company-wide totals. Ecuador's government has been expanding its control of domestic energy production, including seeking more revenue through agreements with foreign producers. Ecuador is one of the two South American members of the Organization of the Petroleum Exporting Countries (OPEC) and rejoined the organization in 2007 after leaving it in 1992. Shares of Noble Energy fell nine cents to 93.14 dollars in after-hours trading following the announcement of its exit from Ecuador. In the regular session, the stock rose 81 cents, or about 0.9 per cent, to close at 93.20 dollars. |
| Posted by:Fred |
| #2 In a few more years look for Noble to be sued for environmental damages done by the 'governement-affiliated entities' between now and then. |
| Posted by: Glenmore 2011-06-02 11:05 |
| #1 Will this be used to fund that corrupt leader moving back in? The tin-pot dictator that the democrats like soo much there in our little ally Honduras? Not only was it un-Constitutional, but is smells rotten to the deepest of hell. The shame. |
| Posted by: newc 2011-06-02 00:25 |