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• Noble Energy to establish new logistics base

Lonrho Plc (AIM: LONR) is pleased to announce that Noble Energy EG Ltd, (“Noble Energy”), a wholly owned subsidiary of Noble Energy, Inc., and Luba Freeport Ltd (“Luba Freeport”), a Lonrho subsidiary, have agreed to establish a logistics facility for Noble Energy at Luba Freeport in Equatorial Guinea.

This facility will provide a new West African base for Noble Energy and underlines both the continued growing importance of Equatorial Guinea in the oil and gas sector in the region and Luba Freeport as the central logistics service port for the West African oil and gas industry.

It is hoped that the new Noble Energy facility will develop to become one of Luba’s foremost clients and the initial phase of development will be 14,823m2 to establish operations and begin work and will include warehousing and office space as well as open storage areas and chemical bunds. Noble Energy anticipates commencing operations by the end of 2009.  

Noble Energy is one of the world’s largest independent oil & gas exploration companies and its subsidiary’s new facility at Luba Freeport will support Noble Energy’s expanding operations in the Republic of Equatorial Guinea.

Luba Freeport benefits from naturally occurring deep water conditions able to handle both oil field supply vessels and ocean-going ships.  Luba has some 350 metres of usable quay and existing clients at Luba include: Amerada Hess, ExonMobil, Baker Hughes, Marathon, LOTEG, Schlumberger, Nalco, SBM, Dickerman and MI Swaco.

David Lenigas, Lonrho's Executive Chairman commented:

"We are pleased to have attracted Noble Energy as a further significant client to Luba Freeport. This agreement is testament to the strategic location and quality of operations at Luba Freeport and the importance of Equatorial Guinea.  Noble Energy’s arrival continues the growth of Luba Freeport into a major regional hub for the oil and gas industry for the Gulf of Guinea.”

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Published : 26/11/2009 16:15:21