Noble Energy Have Approved The Takeover Of Their Company

Noble Energy Have Approved The Takeover Of Their Company

Shareholders of the American oil and gas company Noble Energy have approved the takeover of their company by the oil concern Chevron. This will strengthen its position in the shale oil and gas market, which was the main reason for the interest in Noble Energy. The $ 4.2 billion ($ 3.58 billion) share exchange acquisition marks the first major contract in the US energy sector this year. The contract will strengthen Chevron's position in slate deposits in Colorado, Texas and New Mexico, bringing the group to second place in this area after EOG Resources. The agreement will also give Chevron access to Noble Energy Leviathan's flagship field, the largest natural gas field in the eastern Mediterranean. Gas was extracted from this deposit at the end of last year. At the time of the announcement of the contract in July this year, the value of the Noble Energy acquired was USD 5 billion, excluding debt. However, Chevron's meanwhile acquisition became cheaper as oil prices gradually fell, and with them the company's share price.