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."