CHEVRON has entered into a definitive agreement to acquire independent energy company Noble Energy for an overall transaction value of US$13bn. The company will enhance its portfolio in US onshore and internationally.
International assets Chevron will acquire include Noble Energy’s rights in Block 12 of the Cyprus EEZ and the Aphrodite field.
‘This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources. Noble Energy’s multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow. These assets play to Chevron’s operational strengths, and the transaction underscores our commitment to capital discipline,’ said Chevron Chairman and CEO Michael Wirth.
The transaction is expected to close in Q4 of 2020 as per Chevron’s Press Release.