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Noble Energy oil and gas exploration summary



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Report summary

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%.

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Table of contents

  • Executive summary
  • Strategy
  • Investment and costs
  • Exploration
  • Reserves and resources
  • Production
  • Valuation

Tables and charts

This report includes 24 images and tables including:


  • Basins drilled and all conventional organic & unorganic discoveries 2006-2015
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries, organic unconventionals and as a proportion of all future production
  • Net active exploration acreage by water depth
  • Net active conventional exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Full cycle value creation by year, including unconventionals
  • Exploration returns by year, including unconventionals
  • Costs and development value by reserves category
  • Exploration returns by water depth


  • Ten year performance summary
  • Discoveries (2006 to 2015)
  • Reserves and resources: Table 2
  • Full-cycle economics
  • SWOT grid
  • Gross conventional exploration & appraisal wells by basin and sector

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