Chevron Increases Its Presence in the Eastern Mediterranean

(Foundation for Defense of Democracies) Brenda Shaffer - Chevron Corporation announced Monday its agreement to purchase the American oil and gas company Noble Energy for $5 billion. Noble Energy operates Israel's Leviathan and Tamar natural gas fields. Chevron's acquisition of Noble represents a shift among major international oil companies, for which investment in Israel long remained off-limits because they did not want to risk their ties with the energy-rich Arab states. In recent years, however, the Arab Gulf states have quietly improved ties with Israel. Chevron's purchase of Noble gives impetus to the potential for Israel to export its gas via Egypt, as Chevron has exploration licenses there.

2020-07-23 00:00:00

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