Israel’s Petroleum Council has given its blessing to Chevron Corp. (NYSE: CVX) taking over Noble Energy Inc. (Nasdaq: NBL) in a $5 billion all-stock deal.
The approval is another step toward completing the deal first announced in late July, the first major acquisition announcement in the oil and gas industry since the beginning of the pandemic in March upended global demand for fuel.
Houston-based Noble is the second-largest producer of oil in Weld County, having produced 30.91 million barrels of oil and 215.18 million metric cubic feet of natural gas last year, according to data from the Colorado Oil and Gas Conservation Commission. Almost all of its Colorado production is in Weld County.
Israel has oversight authority over the deal as Noble holds considerable rights in the country’s natural gas fields. About $139 million of Noble Energy’s $192 million in natural gas sales in the first quarter of 2020 were generated in Israel, Egypt and Cyprus, according to the company’s latest financial report.
Noble also has oil and gas holdings in Egypt, Cyprus, Equatorial Guinea, Cameroon, Gabon, Canada and Columbia.
American antitrust officials cleared the deal in late August. Shareholders from both companies are expected to vote on whether to approve the deal on Oct. 2.
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