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US: Noble Energy to buy Rosetta for $2 billion

By  |  May 11, 2015

Noble Energy the natural gas and oil producer said it was purchasing Rosetta Resources for $2 billion, which highlights a consolidation driven by the steep fall in oil prices around the globe.

The Houston-based company said it had identified more than 1,800 drilling locations across Rosetta’s liquids-rich assets, consisting of 50,000 net acres in the Eagle Ford shale and 56,000 net acres in the Permian.

The assets have the potential to produce about 1 billion barrels of oil equivalent and will raise company-wide production 21 percent, Noble said.

“Noble has the balance sheet, the expertise, and the bandwidth to do a great job with these two properties,” Irene Haas said in a note.

 

Full content: Rigzone

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