Skip to main content

Major US energy deal could shake up Israeli gas fields

Chevron acquisition of the American company Noble Energy could affect gas drilling in the Israeli Tamar and Leviathan fields.
The platform of the Leviathan natural gas field in the Mediterranean Sea which started production today is pictured from the Israeli northern coastal city of Dor on December 31, 2019. - Israel's offshore Leviathan field started pumping gas today in what the operating consortium called "a historic turning point in the history of the Israeli economy."
A joint statement from partners Noble Energy, Delek Drilling, and Ratio said that the start of production was expected to lead to an immediate reduction in dome

Chevron announced July 20 it would buy the Noble Energy company for about $5 billion. The acquisition marks the biggest American energy deal to be signed since the novel coronavirus crisis crushed global demand for oil.

Noble Energy has a portfolio of assets that include offshore wells in the eastern Mediterranean Sea, including off Israel’s coast, off the west African coast and onshore in the United States. Naturally, from Jerusalem’s point of view, the deal could have far-reaching repercussions on the country’s own energy market and its aspirations of becoming a global energy player. In its press release announcing the acquisition, Chevron stated, "Noble Energy brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean."

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.