US-based Noble Energy on 15 February 2018 said it would sell its portfolio of assets in the Gulf of Mexico to Fieldwood Energy for US$ 710 million so that it can focus on the US onshore and Eastern Mediterranean. The proposed deal essentially represents Noble's departure from the GOM. "The sale of our Gulf of Mexico business represents the last major step in our portfolio transformation. This has been done to focus our go-forward efforts on those assets that will rapidly grow our cash flows and margins, primarily the U.S. onshore business and the Eastern Mediterranean," said David L. Stover, Noble Energy's Chairman, President and CEO. Cash proceeds included in the transaction total US$ 480 million. The effective date of the transaction is 1 January 2018. Closing is anticipated during Q2 2018. That's contingent upon Fieldwood successfully implementing its contemplated restructuring process, Noble said. Included in the transaction is Noble's interest in six producing fields and all undeveloped leases. Those producing fields are: Galapagos, Swordfish, Gunflint, Dantzer, Big Bend, and Ticonderoga. For its part, Fieldwood will assume all abandonment obligations associated with the properties, which the company recorded at a book value of approximately US$ 230 million as of 31 December 2017, the terms of the deal state. Noble may also scoop up a cumulative contingent payment of up to US$ 100 million from closing of the transaction through the end of 2022, determined quarterly at a rate of US$ 2 per barrel produced when the average Light Louisiana Sweet oil price exceeds US$ 63 per barrel. Noble forecast that the assets will produce 20,000 boe/d in 2018, while total proved reserves in the US GOM at the end of 2017 totaled 23 million boe. On the same day on the announcement of the sale, Noble said its Board of Directors has authorized a US$ 750 million share repurchase program. 
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