Noble Energy Announces Heads of Agreement to Evaluate Floating LNG, Offshore Israel

Wednesday, Nov 30, 2011

HOUSTON, Nov. 29, 2011 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced that the partners in the Tamar and Dalit fields, offshore Israel, have entered into a Heads of Agreement (HOA) with Daewoo Shipbuilding & Marine Engineering Co. Ltd. and D&H Solutions AS to evaluate Floating LNG for the export of natural gas from the Tamar and Dalit fields.

Pursuant to the HOA, the parties will engage in preliminary engineering design work to define the technical parameters required for the detailed design. This phase would be followed, if the parties so decide, by Front End Engineering Design (FEED) and negotiation of relevant offtake agreements. Such agreements, if consummated, would not be expected to affect the planned supply capacity of the Tamar field to the Israeli market.

Noble Energy operates Tamar and Dalit with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent and Dor Gas Exploration with the remaining four percent.

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production.  The Company has core operations onshore in the U.S., primarily in the DJ Basin andMarcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa.  Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL.  Further information is available at www.nobleenergyinc.com.

Daewoo Shipbuilding & Marine Engineering Co. Ltd. (DSME) is headquartered in Seoul with a world leading Shipyard located in Geoje-Island, South Korea, and has prospered as the world's premium specialized shipbuilding and offshore contractor with over 30 years of experience in the shipbuilding and offshore industry. DSME possesses the dedicated resources and state of the art facilities to construct and complete sophisticated products with a level of technical superiority second-to-none, with on-time delivery and an unparalleled dedication to customer satisfaction.

D&H Solutions AS is a joint venture partnership established in Norway between DSME and Hemla II. D&H strives to develop solutions in monetizing stranded natural gas resources around the world in collaboration with its strategic partners and the field owners whilst generating additional value by means of consolidating the natural gas value chain and inviting both the owners of the natural gas and the off-takers to take part in the value creation business model.