Noble Energy Inc. agreed to sell its deepwater Gulf of Mexico assets to Fieldwood Energy LLC for $710 million and launched a $750 million share repurchase program.

The share repurchase program will run from 2018 through 2020.

The divestment includes Noble Energy's interest in six producing fields and all undeveloped leases. Noble expects net production from the assets in 2018 to average about 20,000 barrels of oil equivalent per day, and its proved reserves in the Gulf of Mexico were 23 MMboe as of the year-end 2017.

Cash proceeds total $480 million, according to Noble, and the deal will be effective Jan. 1. Fieldwood Energy will assume all abandonment obligations. Noble may receive a cumulative contingent payment of up to $100 million from the sale's closing, expected during the second quarter of 2018, up until the end of 2022.