During a period described by many analysts as the worst oil price crash in history, the oil giant Chevron has announced it will buy oil and gas producer Noble Energy for $5 billion (£3.9bn).
The deal will enable Chevron to strengthen its position in the Eastern Mediterranean by adding Noble Energy’s offshore assets in Israel to its portfolio.
This is estimated to add approximately 18% to Chevron’s oil and gas reserves.
Chevron Chairman and CEO Michael Wirth said: “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.”