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Fox Business

Noble Energy Charles Davidson Said He is "Optimistic That We Will See Other Permitting in the Coming Weeks"

March 01, 2011 | About:

Noble Energy Chairman & CEO Charles Davidson spoke with FOX Business Network’s (FBN) Liz Claman about being the first company to meet the new government safety regulations for deep water drilling off the coast of the United States. He said while the regulations are “certainly costing us more” the increased price tag is “certainly justified to keep drilling in the Gulf” and it is important that people “get back to work drilling in the deep water Gulf of Mexico.”

On the new government regulations on deep water drilling:

“We certainly need to get back to work and get back to drilling in the deep water Gulf of Mexico. I am hopeful from what we have demonstrated we show the standards can be met and this will provide a template for others to follow. I am optimistic that we will see other permitting in the coming weeks as the industry understand what it takes to show the government we have what it takes to do the job.”

On the cost of meeting the new regulations:

“It is certainly costing us more. In our view it is certainly justified to keep drilling in the Gulf. It is something we have to accept given we have higher standards.”

On concerns about unrest in the Middle East:

“Our operations are just off shore Israel. That domestic supply that Israel has is becoming more valuable every day. It demonstrates to those in Israel that they cannot depend on supplies from other part of the world. With the Middle East in turmoil we find that we have gotten a green light to continue our development there. It just shows domestic energy is a very valuable commodity.”

About the author:

Fox Business
Charlie Tian, Ph.D. - Founder of GuruFocus. You can now pre-order his book Invest Like a Guru on Amazon.

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