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HOUSTON, Dec. 28 (UPI) -- Houston-based Noble Energy Inc. announced an agreement to sell its southern Argentine interests to Brazil's Petrobras.
Noble's interests in El Tordillo, La Tapera, and Puesto Quiroga will be sold to a subsidiary of Petrobras for $117.5 million.
The sale is still pending regulatory and partner approvals, but the deal is expected to close in 2008.
"Noble Energy continues to focus its attention and capital in areas that provide significant growth potential for the Company, while divesting non-core assets. The sale of our Argentina assets is another step in that process," said Charles D. Davidson, the company's chairman, president and chief executive officer.
The production of the assets sold averaged about 2,850 barrels per day in the third quarter of 2007, and after taxes Noble's proceeds from the sale are expected to be about $80 million.
Noble Energy is one of the nation's leading independent energy companies and operates in China, Ecuador, the Mediterranean Sea, the North Sea, West Africa and Suriname.
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