Noble and EIG create new energy firm

NOBLE Group and EIG Global Energy Partners will form and capitalise a new company called Harbour Energy that will own and operate upstream and midstream energy assets globally.

Lou Caruana

Harbour Energy will seek to own high quality assets that provide exposure to key supply trends while capturing value up-lift associated with control of offtake, logistics and supply chain management.

Noble will be preferred offtake and marketing partner of Harbour Energy, while EIG, together with the company’s internal management team, will serve as manager of the company and oversee the acquisition of assets.

Harbour Energy's capitalixation will be funded solely through balance sheet capital of each of Noble and EIG.

EIG also announced that Linda Z Cook has been appointed a managing director of EIG, a member of EIG’s executive committee and CEO of Harbour Energy.

Noble CEO Yusuf Alireza said: “The creation of Harbour Energy gives us the exciting opportunity of joining with an industry leader such as EIG to exploit the tremendous opportunities that the changing global energy markets are presenting.

“This transaction represents a significant milestone in the continued implementation of Noble’s ‘asset light’ strategy, exploiting our best-in-class expertise in logistics and supply chain management, while partnering with market leading asset managers and owners.”