Noble made more money from Guyana operations than anywhere else, in 2022

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Noble Corporation said its 2022 revenues for the year ended December 31, 2022 amounted to US$1.4 billion, with the King of the pile being its Guyana operations at US$469 million. Guyana, therefore, accounts for a third of Noble’s 2022 revenues. Coming in second and third were the United States at US$266 million, and Norway at US$154 million. 

The company’s active offshore fleet in Guyana as of February 26, 2023 were the Noble Bob Douglas, Noble Don Taylor, Noble Sam Croft, Noble Tom Madden, and Noble Discoverer. 

The Noble Regina Allen was also in Guyana last year for exploration drilling of the Beebei-Potaro well. The Noble Discoverer was originally intended to commence drilling at CGX’s Wei-1 well in the third quarter of 2022 but was delayed to January because Shell needed an extension for services offshore Trinidad and Tobago. Drilling at Wei-1 is ongoing.

Otherwise, most of Noble’s Guyana fleet has been in use by ExxonMobil at the Stabroek Block. ExxonMobil had its best exploration year yet in 2022, having made nine commercially viable discoveries. ExxonMobil also undertook development drilling operations, particularly for the Liza Phase 2 and Payara projects, as it ramps up oil production. Liza Phase 2 came online in February 2022, and Payara is expected to achieve first oil later this year.

ExxonMobil’s work accounted for 32.3% of Noble’s 2022 revenues internationally, with Shell coming in at second (12%). Net income for the company amounted to US$168.9 million or $1.73 per share over the full year, with net cash provided by operating activities totaling US$281 million. 

Noble completed a business combination with Maersk Drilling last year, cementing itself as a leading offshore drilling contractor for the oil and gas industry. The company said the merger created one of the youngest and highest specification fleets of global scale in the industry. 

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