Noble Energy has historically used exploration as its primary engine of growth. In the low oil price environment the 2015 exploration budget was halved and in the near term conventional E&A activity will take a back seat to exploiting strong positions in four core US resource plays. Over the past decade Noble has opened frontier plays and enjoyed a period of outstanding success with wildcat drilling particularly in the Eastern Mediterranean. Regulatory barriers to commercialisation of the giant gas resources here have been removed. We currently calculate full cycle value creation of around US$2.4 billion from conventional exploration over the decade. Lower prices have pushed returns from unconventional exploration below 10%.