Chevron’s recently announced Noble Energy takeover bets on future natural gas demand and more geographic diversity, Kallanish Energy learns from GlobalData.
According to senior O&G analyst Adrian Lara, the $13 billion deal (including debt) signals “the optimal future strategy” for major oil and gas companies, by internationally diversifying its resource type and geographic location.
The acquisition, set to be the largest in the industry this year, gives Chevron access to the large-scale, producing Eastern Mediterranean development offshore Israel.
“It is really the Eastern Mediterranean assets that are the interesting bet in Chevron’s longer term plans,” said Lara. “These fields are expected to benefit from increasing natural gas demand in