Noble Energy has historically used exploration as its primary engine of growth. Its strategy has shifted as production and capital spend are now dominated by US onshore. Acquisitions have catapulted Noble into a leading Permian player. While conventional exploration is taking a back seat in terms of activity, its role is to grow the company through high-impact drilling to attain major new developments. 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 billion from conventional exploration over the decade. Lower prices have pushed returns from unconventional exploration below 10%, though we expect that to improve in the future as the new Delaware basin acreage is delineated and exploited.