Chevron becomes Tamar, Leviathan gas fields operator

Leviathan gas field Photo: Noble Energy

The US-based oil major has completed the acquisition of Noble Energy.

US-based oil major Chevron Corp. (NYSE: CVX) has completed the acquisition of Noble Energy Inc. (NYSE: NBL) and now has major stakes in Israel's Tamar (25%) and the Leviathan (40%) offshore gas fields. Chevron now becomes the operator of both gas fields. The $4.1 billion acquisition was announced in July.

Chevron president of Middle East and North Africa operations Clay Neff informed Israel's Minister of Energy Yuval Steinitz that the deal was completed this morning (Houston time).

Steinitz told Clay that in addition to its rights to Israel's natural gas, he hoped that Chevron would invest in Israeli high-tech in areas such as cybersecurity for oil and gas, energy efficiency and energy storage. Steinitz also hopes that Chevron will be interested in involvement in construction of the EastMed gas pipeline to convey gas from the East Mediterranean to Europe. It was also agreed that Chevron's senior management will visit Israel after the Covid-19 situation has stabilized.

Steinitz said, "I spoke today with Clay Neff who is responsible for Chevron's operations in the Middle East and he informed me that the merger with Noble Energy had been completed. The entry of an international oil major is huge news for the Israeli economy and opens up opportunities for investment in the high tech sector and startups in the field of energy."

Published by Globes, Israel business news - en.globes.co.il - on October 5, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Leviathan gas field Photo: Noble Energy
Leviathan gas field Photo: Noble Energy
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