Noble Energy boosts stake in Swordfish

Ray Tyson

Petroleum News Houston correspondent

Exploration and production independent Noble Energy has acquired an additional interest from BP in the Swordfish development project in the deepwater Gulf of Mexico, Noble said May 18.

Noble said it bought all of BP’s 50 percent working interest, increasing the company’s working interest in the Swordfish project from 10 percent to 60 percent.

Discovered in 2001, Swordfish is in 4,500 feet of water on Viosca Knoll blocks 917, 961 and 962. Two well penetrations found oil and natural gas pay in multiple, high-quality reservoirs. A semi-submersible drilling rig is scheduled to arrive on location in June to begin development drilling and completion operations, including the drilling of a third well.

Swordfish’s development plan calls for the three wells to be connected to existing infrastructure through subsea tieback. Initial production is expected to commence in the first quarter of 2005, ranging from 16,000 to 20,000 barrels of oil equivalent per day.

Charles Davidson, Noble’s chief executive officer, said its Swordfish acquisition, combined with the company’s recent discovery at Ticonderoga and increased interest in the Lorien field, “will help ensure we see continued strong growth in our robust deepwater program.”

Mariner Energy holds a 15 percent working interest in Swordfish and is the operator. Burlington Resources has a 25 percent stake in the project.