Noble Energy is innovative in groundbreaking ways; it is one of the first independent exploration and production companies to look into international projects as a primary source of growth. With three major projects in Ecuador, Equatorial Guinea, and Israel, Noble Energy has substantial natural gas reserves that, until recently had no market.

• Ecuador - Noble Energy's Amistad field had no market until the company constructed a natural gas-fired power plant in Machala, Ecuador. The Machala power plant is one of the lowest cost thermal power producers in Ecuador and can supply up to ten percent of the country's electricity.
• Equatorial Guinea - The Alba field has gross proven reserves of approximately 860 million barrels of oil equivalent. Noble Energy and its partners constructed a liquefied petroleum gas (LPG) plant and one of the lowest cost methanol plants in the world.
• Israel - Noble Energy discovered over one trillion cubic feet of natural gas that facilitated the establishment of a significant new gas market in the country. Noble Energy has successfully negotiated a long-term contract to provide natural gas to Israel Electric Company.

Argentina

In southern Argentina, Noble Energy and partners are developing the El Tordillo field. The field is located in the San Jorge Basin, Chubut Province, 32 miles (50 kilometers) west of the coastal city of Comodoro Rivadavia and 975 miles (1500 kilometers) south of Buenos Aires. The El Tordillo area is almost 29,000 acres (57 square kilometers). Operationally, Noble Energy has several drilling rigs active in the field with numerous water flood programs employed for secondary recovery.

Back to Top

China

At Noble Energy, we see China as a country with an increasing demand for energy. The company is jointly developing resources within the Sheng Li oil field, 300 miles (480 kilometers) southeast of Beijing.

In January 2003, Noble Energy commenced crude oil production from the Cheng Dao Xi (CDX) field, located in southern Bohai Bay off the coast of China. Noble Energy as operator of the CDX field with a 57 percent working interest, continued its development with new wells in 2004 and additional drilling planned for 2005. The successful program in 2004 resulted in boosting the field production above 9,000 bopd.

Back to Top

China

Ecuador

An example of Noble Energy's ability to create substantial value through innovation where others saw little or no opportunity is the company's fully integrated gas-to-power project in Ecuador. Here, Noble Energy took over the Amistad field that had been abandoned because Ecuador lacked a natural gas infrastructure. Noble Energy built an electric power plant onshore, installed a drilling and production platform on the Amistad field and built a 40-mile pipeline to connect the field facilities with the power-generating plant. The company is currently producing approximately eight billion cubic feet (Bcf) of natural gas per year. After adding a third power train and a combined cycle unit to the Machala power plant, the company could produce up to 13 bcf of natural gas per year.

The Amistad natural gas field is located in the shallow waters of the Gulf of Guayaquil near the coast of Ecuador. In 2004, Noble Energy’s successful 2004 drilling program added gas resources that will carry the project into the next decade. The power plant is located on the coast near the city of Machala, Ecuador and has a capacity of 130 Megawatts from twin turbines. With access to its own low-cost fuel supply, Machala is one of the lowest-cost thermal energy producers in Ecuador. Noble Energy operates this gas-to-power project with a 100 percent working interest.

Back to Top

Ecuador

Equatorial Guinea

Equatorial Guinea is home to Noble Energy’s largest field, the world class Alba natural gas and condensate field. The project in Equatorial Guinea is an excellent example of our proven ability to create value in ground-breaking ways.

The Alba field, where we have a 34 percent interest, is located offshore and is estimated to contain approximately 950 million Boe of gross proven reserves. Two expansion projects have been completed for the Alba field. Phase 2A is an expansion project that yielded total production of 53,000 Bpd of condensate, gross (over 15,000 Bpd net) from 900 MMcfpd of gas. This project was completed in early 2005. Phase 2B was an expansion of the Alba LPG Plant that added 30,000 Bpd of condensate and LPG (8,300 Bpd net) and was also completed in 2005.

The Alba LPG plant was our initial project to monetize natural gas. As a way of further monetizing natural gas from the field, Noble Energy was one of the founders of the Atlantic Methanol Production Company (AMPCO) which constructed a methanol plant designed to produce 2,500 metric tons, or about 20,000 gross barrels of methanol per day, but typically produces above 3,000 metric tons per day. Noble Energy has a 45 percent interest in AMPCO, which provides approximately three percent of the world’s methanol supply. Gas from the Alba field also supplies a LNG plant, which began commercial operations in the second quarter of 2007 and liquefies about 600 MMcfpd.

We also acquired interests and are technical operator of Blocks O and I, east of Bioko Island. Our 2007 exploration program has resulted in two gas/condensate discoveries with plans to drill three additional wells. Noble Energy has a 45 percent interest in Block O and a 40 percent interest in Block I.

Back to Top

Equatorial Guinea

Cameroon

In 2006, Noble Energy acquired a 50 percent working interest and is operator in the PH-77 license located offshore of the Republic of Cameroon. Petronas, the state petroleum company of Malaysia, holds the remaining interest in the license. PH-77 covers 1.125 million acres between the Cameroonian coast and its international boundary with the Republic of Equatorial Guinea.

PH-77 contains a number of seismically identified prospects. It is anticipated that Noble Energy and Petronas will drill an exploration well in 2007 testing multiple perspective horizons.

Back to Top

Mediterranean Sea

We are making substantial progress in developing the large Mari-B and Noa discoveries off the coast of Israel in the Mediterranean Sea. The Mari-B and Noa discoveries, in which we have a 47 percent interest, are estimated to contain gross natural gas reserves of over one Tcf 1.

We have secured a natural gas marketing contract with Israeli Electric Corporation (IEC) in which we and our partners will provide IEC power plants with natural gas over an 11-year period, beginning in December 2003. The facilities at Mari-B will be capable of producing 600 MMcfpd at peak rates.

(1) Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms on this web site, such as natural gas reserves, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K, File No. 1-07964, available from us at investor_relations@nobleenergyinc.com. You can also obtain this form from the SEC by calling 1.800.SEC.0330.

Back to Top

Israel

North Sea

The North Sea is an important source of reserves and production for Noble Energy. Our projects in the United Kingdom, the Netherlands and Norway include production and development as well as growth opportunities in exploration.

Back to Top

North Sea

NEON Joint Venture

Noble Energy has invested in NEON Energy, an Australian start up company specializing in new exploration and production ventures. In addition to an equity interest position in NEON Energy, Noble Energy retains a right of first refusal on selected ventures that NEON chooses to make available. NEON brings a team of experienced oil prospectors, an extensive unique database and a track record of successful deal making to the group, which will concentrate its efforts on selected countries in Southeast Asia.

Back to Top

Click picture to see a larger copy.