Noble Energy has declared its 2010 capital budget and guidance. The Company's total capital investment program is estimated at $2.5 billion, with 40 percent going toward major project developments, 20 percent for exploration and appraisal activities, and the remaining 40 percent for ongoing maintenance and near-term growth opportunities. Approximately 55 percent of the total is to be spent in the United States with the other 45 percent allocated to international activities.

Major project investments are expected to be about $1 billion, with the majority of capital directed toward the development of Galapagos in the deepwater Gulf of Mexico (GOM), Aseng offshore Equatorial Guinea, and Tamar offshore Israel. Approximately $500 million is allocated to exploration activities largely focused on plays where Noble Energy has a strong record of success. The program this year is targeting an estimated 700 million barrels of net unrisked resource potential with the drilling of seven high-impact offshore wells in the deepwater GOM, Equatorial Guinea and the Mediterranean Sea. The remainder of the capital budget is focused on liquid-rich and emerging opportunities onshore in the United States, as well as development projects in Israel, the North Sea and China.

"Our 2010 capital program is all about executing on our long-term growth projects, while maintaining our strong base of existing production. Over the last few years, we have discovered a substantial amount of resources through exploration in our three key offshore basins. The investments we are making in these discoveries will help drive significant multi-year production growth beginning in 2012. At the same time, continued investment in meaningful exploration remains a key component to our strategy, and we look forward to the 2010 program where we will be testing a number of the large prospects from our extensive worldwide exploration portfolio," said Charles D. Davidson, Noble Energy's Chairman and CEO.

Tags: Noble Energy