Noble Acquires Interest in Eastern Mediterranean Gas Pipeline

Updated 1 year 7 months ago

Noble Energy and its partners have closed on the acquisition of a 39% interest in Eastern Mediterranean Gas which owns the EMG pipeline. The pipeline will be used to transport natural gas volumes into Egypt under the company’s gas supply agreements with Dolphinus. Noble's net acquisition investment in the EMG pipeline totaled USD 185 million, and the company’s effective interest in the pipeline is 10%.

The EMG pipeline is a 90-km pipeline, located primarily offshore, that serves as a connection between the Israel and Egypt. The acquisition was contingent upon technical third-party recertification, including completion of successful intelligent pigging and pressure testing of the pipeline, which were accomplished over the past months, as well as finalization of several commercial agreements. Noble intends to use the pipeline to handle existing natural gas contracts from Leviathan and Tamar into Egypt, commencing Jan 2020 and increasing to 650 million cu ft/d, gross, by mid-2022.