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 and probable resources of approximately 1 billion 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 gas. But Israel has not traditionally been a consumer of natural gas and has no other significant domestic hydrocarbon sources, Noble Energy has 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.
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China

At Noble Energy, we see China as a country with tremendous untapped resources, both in terms of exploration and development. The company has two areas of interest in China, Bohai Bay and the South China Sea.

Noble Energy has completed the development of the Cheng Dao Xi oil field, located offshore China in the Bohai Bay. We have drilled 18 development and injection wells in Cheng Dao Xi from a platform that sits in 25 feet of water. The production facility is designed for 10,000 Bopd. Noble has a 57 percent interest in the fields and is the operator. Initial production commenced in January 2003.
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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 will transport approximately 13 billion cubic feet of gas per year to the power plant over the next 20 years.

The Amistad natural gas field is located in the shallow waters of the Gulf of Guayaquil near the coast of Ecuador. The power plant is located on the coast near 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.
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Ecuador

Equatorial Guinea

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

The Alba field, where Noble Energy has a 34 percent interest, is located offshore and is estimated to contain more that one billion Boe of gross proven and probable reserves. The company also has a 34 percent interest in the Estrella #1 discovery, north of the Alba field. Two expansion projects are underway for the Alba field. Phase 2A is an expansion project that will yield 29,000 Bpd of condensate, gross (over 9,000 Bpd net) by the end of 1Q04.   Phase 2B is another expansion adding 20,000 Bpd of condensate and LPG (6,000 Bpd net) by late 2004 or early 2005.

Equatorial Guinea and the surrounding region lack sufficient infrastructure to utilize the natural gas potential of this field.   As a way of monetizing natural gas from the field, Noble Energy formed the Atlantic Methanol Production Company (AMPCO) and built a methanol plant designed to produce 2,500 metric tons, or about 20,000 gross Bbls, of methanol per day. Noble Energy has a 45 percent interest in AMPCO, which provides approximately three percent of the world's methanol supplies.
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Equatorial Guinea

Israel

Noble Energy is making substantial progress in developing the company's large Mari-B and Noa discoveries off the coast of Israel in the Mediterranean Sea. The Mari-B and Noa discoveries, in which Noble Energy has a 47 percent interest, are estimated to contain gross natural gas reserves of over one Tcf ¹.

Noble Energy has secured a natural gas marketing contract with Israeli Electric Corporation (IEC) in which Noble Energy and its partners will provide IEC power plants with approximately 170 MMcf per day of natural gas over an 11-year period, beginning in December 2003. The facilities under construction 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.

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Israel

North Sea

The North Sea is an important source of reserves and production for Noble Energy. The area is also a potential source of exploration-led growth. Noble Energy participates in 141 producing wells, development and exploration on over one million gross acres.
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North Sea