Noble Energy Announces Highlights Of 2012 Analyst Conference

Eastern Mediterranean

In the world-class Levant Basin, Noble Energy has been providing reliable gas to Israel since 2004 resulting in significantly lower energy costs and reduced CO ₂ emissions.  Natural gas demand in Israel continues to rise due to growing electricity demand and the emergence of new industrial customers. 

To satisfy this strong demand, Noble Energy is developing the largest offshore project in Company history.  The Tamar project is on schedule for first production in April 2013.  Sales for the remainder of 2013 following first production are expected to average approximately 700 MMcf/d with a peak capacity of nearly 1 billion cubic feet per day (Bcf/d).  The jacket and topsides installations will be completed by the end of the year and the world's longest subsea tieback will begin commissioning shortly thereafter.  The realized price will be a blended price that will rise as Tamar volumes continue to grow.  Future expansion phases will increase deliverability using compression at the onshore terminal along with a combination of system optimization and storage at Mari-B, allowing sales to grow to an average of approximately 1 Bcf/d. 

The 17 Tcf Leviathan development will increase the deliverability and reliability of domestic supply to Israeli customers.  Development plans have been significantly advanced with the announced agreement in principle with Woodside Energy as a strategic partner in the project.  Noble Energy will continue as upstream operator and will retain 30 percent working interest.  The first phase of development includes domestic capacity to deliver up to 750 MMcf/d via a northern entry point in 2016.  The project plans additional capacity for exports via pipeline, onshore LNG, or floating LNG as early as 2018.  The Mesozoic oil prospect below the Leviathan gas discovery is planned to be spud late next year. 

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