Noble Energy’s other businesses also include certain other producing assets (North Sea and China) and new venture exploration opportunities offshore. Positions in the North Sea and China have contributed significant oil production and cash flow to the Company in recent years. In addition, multiple new venture opportunities provide substantial exploration upside and the potential to discover new core areas for Noble Energy.
Noble Energy holds a 57 percent working interest in the Cheng Dao Xi field offshore China. Located in the shallow water of the southern Bohai Bay, the field began producing oil in 2003. The Company is currently finalizing an agreement to divest its China assets.
The Company's new venture teams actively seek out new exploration opportunities and their efforts have resulted in the acquisition of large acreage positions offshore the Falkland Islands, Nicaragua, Sierra Leone, and an onshore US position in Nevada. In the Falkland Islands, the Company is preparing to commence exploration in 2015 following significant seismic and G&G studies.
Noble Energy drilled two wells in northeast Nevada during 2013, targeting the Elko formation, with initial encouraging results. In the first quarter of 2014, the Company completed one well, successfully recovering oil and is preparing for a long-term oil test. Additional exploration is planned for later in 2014.