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Oil & Gas

MEES: Chevron arrows in on East Med with $5bn Noble Energy takeover

MEES Chevron
Posted: July 28, 2020 at 2:52 pm   /   by   /   comments (0)

US major Chevron is expanding in the “prolific Eastern Med” with the $5bn acquisition of compatriot Noble Energy. The highlight of the deal is a 40% operator’s stake in the region’s largest gas field, Israel’s 23tcf Leviathan.

Just six months after dipping its toe into the East Mediterranean with its first Egypt block, US major Chevron has dived straight in with its $5bn takeover of compatriot Noble Energy.

Noble is the key player offshore Israel with operator’s stakes of 39.66% and 25% respectively at the country’s two key gas fields, 23tcf Leviathan and 10.6tcf Tamar. Noble also has four more Israel blocks and is in the process of itself entering the Egyptian Mediterranean with 27% stakes in two yet-to-be-finalized Shell-operated blocks.

(Source: MEES)