Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you a link to reset your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you a link to reset password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Natural Gas | Oil

Israeli advisory council recommends approval of Chevron's takeover of Noble

Commodities | Energy | LNG | Natural Gas | Natural Gas (North American) | Oil | Crude Oil | Refined Products | Gasoline | Metals | Steel | Shipping | Tankers

Market Movers Americas, Sep 21-25: Flotilla of US crude heads toward China

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Energy | Electric Power | Electric Power Risk | Natural Gas | Banking | Infrastructure | Structured Finance

Global Power Markets Conference, 35th Annual

Oil | Refined Products | Gasoline

Analysis: Africa's healthy gasoline demand outlook to support Asia, Europe complex

Israeli advisory council recommends approval of Chevron's takeover of Noble

Highlights

Chevron entry to lead to 'unlimited' possibilities: minister

US major to buy Noble in $5 billion deal

Noble is operator of Leviathan, Tamar gas fields

London — Israel's advisory Petroleum Council has recommended that the country's energy ministry approve US major Chevron's $5 billion takeover of Noble Energy, operator of Israel's Leviathan and Tamar offshore gas fields.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

In a statement Sept. 14, Israeli energy minister Yuval Steinitz said Chevron's entry into the country's gas industry was a "huge expression of confidence" in Israel's energy sector.

Chevron and Noble announced the deal in July, and if completed it will see Chevron take over as operator of the two giant Israeli gas fields.

"The Petroleum Council's recommendation to approve the entry of Chevron into Israel will make the possibilities of the Israeli energy industry unlimited," Steinitz said.

Gas production from the giant Leviathan field -- which holds 22 Tcf (620 Bcm) of recoverable gas reserves -- began at the end of December last year.

It was discovered in 2010 but development was slow due to difficulty in monetizing the resource.

It was finally agreed in February 2018 for Leviathan gas to be exported to Egypt under a long-term contract with local Egyptian supplier Dolphinus Holdings.

Leviathan is the second major gas field in Israel to begin production following the start-up of the Noble-operated Tamar field in 2013, which continues to serve the Israeli domestic market.

Tamar will also be used to supply Egypt under the Dolphinus deal.

'Energy power'

Steinitz said Chevron's entry was another step in turning Israel into an "energy power."

The ministry said it was the first time that one of the world's energy majors had decided to integrate into operations in Israel.

Chevron's entry had the "huge" potential for promoting the continued development of the Leviathan field as well as for the development of export projects and the continuation of gas exploration in Israel, it said.

"The approval of the deal will greatly assist the Israeli energy economy," it said.

At the time of the deal, Chevron said the acquisition provided it with "low-cost, proved reserves and attractive undeveloped resources that will enhance an already advantaged upstream portfolio."

"Noble brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron's position in the Eastern Mediterranean," it said.

In the East Mediterranean, Noble produces a net 311 MMcf/d (9 million cu m/d) of gas equivalent, according to a September investor presentation.