Chevron completed its takeover of compatriot Noble Energy on 5 October. The smaller firm’s shareholders voted 89% in favor three days earlier. Chevron ultimately paid $4.1bn, down from an original-implied $5bn for the all-shares deal (MEES, 24 July), with Noble’s shares having slid in the meantime. Chevron also assumes Noble’s $8bn debt pile for a total enterprise value of around $12bn.

Noble’s assets are largely split between US shale and the East Mediterranean: in particular Israel’s two largest gas fields, 23tcf Leviathan, which began producing at end-2019 (MEES, 3 January) and 11tcf Tamar which started up in 2013. It also assumes operatorship of Cyprus’ 4tcf 2011 Aphrodite discovery (see map, p8). (CONTINUED - 255 WORDS)