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Chevron sought stake in Noble Energy's gas-field before bidding for company

Chevron sought stake in Noble Energy's gas-field before bidding for company

FILE PHOTO: A Chevron gas station sign is shown in Cardiff, California, in this January 25, 2016 photo. REUTERS/Mike Blake

HOUSTON: Chevron Corp last year proposed to acquire an at least 50per cent stake in Noble Energy's Eastern Mediterranean natural-gas fields, leading to July's all-stock deal, a proxy filing on Tuesday showed.

The proposed US$5 billion deal would boost Chevron's U.S. shale oil holdings and give it vast natural gas holdings off the coast of Israel. Noble originally went looking for a partner to help finance its Leviathan gas project.

The purchase still faces a vote by Noble shareholders, who are expected to approve it. Chevron shares on Tuesday were off six cents apiece at US$89.67 while Noble's lost four cents at US$10.65. The proxy filing came after 4 p.m.

(Reporting by Gary McWilliams; Editing by Chris Reese)

Source: Reuters

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