Israel Supreme Court Rules Stability Provisions to be Addressed Through Alternate Means
March 27 2016 - 7:43PM
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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Noble Energy’s business that are discussed in its most recent
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Securities and Exchange Commission. These reports are also
available from Noble Energy’s offices or website,
http://www.nobleenergyinc.com. Forward-looking statements are based
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update forward-looking statements should circumstances,
management’s estimates, or opinions change.
Investor Contacts
Brad Whitmarsh
(281) 943-1670
brad.whitmarsh@nblenergy.com
Megan Repine
(832) 639-7380
megan.repine@nblenergy.com
Media Contacts
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(713) 412-8441
media@nblenergy.com
Paula Beasley
(281) 876-6133
media@nblenergy.com
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