Deepwater Gulf of Mexico

Several years ago, Noble Energy migrated its Gulf of Mexico investments to deepwater where our activities are driven by exploration. Our focus is on high-impact opportunities with the potential to provide significant medium and long-term growth to the company. With a track record of success in finding and developing crude oil and natural gas resources, we have several large producing fields, multiple ongoing development projects and a substantial inventory of additional exploration opportunities.

Recent discoveries at Isabela, Santa Cruz, and Gunflint position Noble Energy to be a major player in this region for years to come. First production from these recent discoveries is targeted for 2011 from the Galapagos complex, which includes the Isabela and Santa Cruz discoveries, as well as the Santiago extension which will be drilled in the first half of 2010. Gunflint, a subsalt Miocene discovery from 2008, represents the Company's largest Gulf of Mexico discovery to-date. Appraisal drilling is planned for the first half of 2010 and will help define the extent and potential development scenario.

With an unrisked net exploration inventory of approximately 1.6 billion barrels equivalent, Noble Energy maintains a multi-year inventory of prospects focussed on subsalt Miocene and proven amplitude plays. The Company is currently drilling the Deep Blue and Double Mountain prospects, both large subsalt lower Miocene opportunities in the Green Canyon area. In addition, the Company will participate in at least one additional significant exploration test in the deepwater Gulf of Mexico in 2010.

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Deepwater Gulf of Mexico

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