Tamar Gas Field, Noble,Isramco,Israel Credit Line

EASTERN MEDITERRANEAN

Noble Energy has been operating in the Mediterranean Sea, offshore Israel, since 1998. We have a 47 percent interest in the Mari-B field, the first offshore natural gas production facility in Israel. Production from Mari-B began in 2004 and sales volumes have increased as Israel’s power demand and pipeline infrastructure have expanded tremendously. A string of successful wells at Tamar, Dalit, Leviathan, Dolphin, and Tanin have resulted in several discoveries, including a very large inventory of natural gas resources. In late 2011, we announced a significant discovery offshore Cyprus which further expanded the resource inventory. Development at Tamar progresses with production expected by April 2013.

We have a 36 percent operated working interest at Tamar, with gross mean resources of 9 trillion cubic feet (Tcf) of natural gas. Tamar was the largest deepwater natural gas discovery in the world in 2009. Sanctioned in September 2010, initial expectations target commissioning in late 2012. Development drilling at Tamar is underway, and we are continuing discussion with a growing number of parties to deliver reliable and clean energy resources to customers.

Noble Energy is working on providing additional gas deliverability until Tamar comes online in 2013. Noa, a nearby field, is being developed and is expected to provide 100 million cubic feet per day (MMcf/d) of production by September 2012.

Leviathan represents the largest exploration success in Noble Energy's history, with gross mean resources of 17 Tcf of natural gas. We are actively studying multiple export options, including both LNG and pipeline scenarios. We drilled a successful appraisal well in 2011 and are deepening the initial discovery well to test for a deep oil concept.

In late 2011, we announced a discovery offshore Cyprus with estimated gross mean resources of 7 Tcf. In early 2012, we announced our sixth consecutive field discovery at Tanin with estimated gross mean resources of 1.2 Tcf. We have now discovered approximately 35 Tcf gross of new gas resources from this region.

Noble Energy Israel Operations - Oil and Gas Investor magazine, November Edition