America's shale oil and gas industry has been hit hard during this challenging period. Demand has tumbled as people stopped traveling and commuting. And energy prices fell as an ill-timed global oil standoff temporarily increased supply while people were using less oil.
Chevron announced it would buy Noble Energy in a $5 billion all-stock deal, bolstering its shale presence as a plunge in crude prices have made assets cheaper, informs Report, citing foreign media.
The deal will also give Chevron access to Noble's flagship Leviathan field, the largest natural gas field in the Eastern Mediterranean, which began producing natural gas late last year.