Chevron Announces Plan to Purchase Noble Energy
Petrochemical giant Chevron has announced it has reached an agreement to purchase Texas-based Noble Energy, the lead partner in the massive Leviathan and Tamar gas fields. Local voices in the energy industries see the entry into Israel by the sixth-largest company as a game changer given its deep pockets and vast technical resources. Top companies have passed on the Israeli market, not the least of reasons being the pressure by Arab business interests. Some see the deal as a further indication of Israel’s changing position in the region. Although not long ago the deal would arguably have been met by a boycott by Arab markets, some observers expect Chevron to replace Israeli players being acquired in the Noble deal. The Texas company’s shares have plummeted 60% this year; its market capitalization is now $4.5 billion, down from $20 billion in 2015.