Houston, March 27, 2016 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (“Noble Energy”) (NYSE: NBL) today was notified that the Supreme Court of the State of Israel (“the Court”) affirmed the Government of Israel’s Natural Gas Regulatory Framework, with the exception of the stability provisions. While recognizing the necessity of regulatory stability, the Court concluded that the Government should provide stability assurances and provisions through an alternate legal mechanism. The Court provided the Government up to one year to resolve this matter.
David L. Stover, Noble Energy’s Chairman, President, and CEO, commented, “The Court’s ruling, while recognizing that timely natural gas development is a matter of strategic national interest for Israel, is disappointing and represents another risk to Leviathan timing. Development of a project of this magnitude, where large investments are to be made over multiple years, requires Israel to provide a stable investment climate. Noble Energy has consistently maintained that stability is a minimum condition for project development, and our position has not changed. As we have stated before, we will vigorously defend our rights related to our assets to protect shareholder value. It is now up to the Government of Israel to deliver a solution which at least meets the terms of the Framework, and to do so quickly.”
Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets spanning three continents. Founded more than 80 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People’s Lives®. For more information, visit www.nobleenergyinc.com.
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Source:Noble Energy Inc.