Noble Energy declares major Gulf of Mexico find

Finds will contribute to cash flow, director says.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Aug. 29, 2014 at 9:34 AM

HOUSTON, Aug. 29 (UPI) -- Noble Energy said it estimated at least 100 million barrels of oil equivalent are in two of its wells in the U.S. waters of the Gulf of Mexico.

The company announced results from the Katmai exploration and Dantzler appraisal wells in the deep waters of the Gulf of Mexico.

At Katmai, the company estimated the resources at between 40 million and 100 million barrels of oil equivalent. At Dantzler, the company estimated gross resources at between 65 million and 100 million barrels of oil equivalent.

Susan Cunningham, a vice president in charge of Gulf of Mexico operations, said Katmai represents a commercial prospect for the company, while Dantzler exceeded expectations.

"The results at Katmai and Dantzler highlight Noble Energy's successful deepwater Gulf of Mexico program, which will contribute significant production and cash flow growth in the coming years," she said in a statement Thursday.

Though inland shale basins have helped boost overall U.S. oil and gas production, U.S. Deputy Interior Secretary Mike Connor said the Gulf of Mexico "has been and will continue to be a cornerstone of our domestic energy portfolio."

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