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Chevron Corp said it would buy oil and gas producer Noble Energy Inc (NBL.O) for about $5 billion in stock, the first big energy deal since the coronavirus crisis crushed global fuel demand and sent crude prices to historic lows.
The acquisition likely marks the beginning of a series of consolidation agreements that will take place in the aftermath of crude oil price collapse and the continued spread of covid-19, according to the FT.
Noble is one of two companies that inked a USD 15 bn agreement to export natural gas to Egypt from massive Israeli gas fields, making it one of the lynchpins of Egypt’s strategy of becoming a regional energy hub for the Eastern Mediterranean.
