EMC 2021 . 2021 SEPT 14-16 . NICOSIA
24.07.2020
European officials on Thursday warned Turkey against pursuing a survey mission looking for gas reserves near Greek islands in the eastern Mediterranean.
Greece and Cyprus have accused Turkey of undermining their sovereignty by continuing to pursue energy resources within their territorial waters.
"The government is underlining to all parties that Greece will not accept a violation of its sovereignty and will do whatever is necessary to defend its sovereign rights," said Greek government spokesman Stelios Petsas.
French President Emmanuel Macron has called for sanctions against Turkey, saying it is "not acceptable for the maritime space of a European Union member state to be violated or threatened."
Last year, the EU adopted a sanctions regime targeting Turkey over its unauthorized gas drilling in Cypriot waters.
20 July 2020
US energy giant Chevron is taking over Noble Energy for $5 bln in an all-share deal, boosting its shale gas assets at home, while expanding its natural gas and crude resources overseas, including Cyprus.
This includes Noble’s stake in Israeli offshore gas fields, as well as Cyprus’ adjacent Aphrodite, where it is a joint venture partner with Shell and Delek.
A joint announcement by the American companies said: “The acquisition of Noble Energy provides Chevron with low-cost, proved reserves and attractive undeveloped resources that will enhance an already advantaged upstream portfolio.
Noble Energy brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean.”
20 JULY 2020
- Brings high quality assets to Chevron’s global portfolio
- Proved reserves to be acquired for under $5 per oil equivalent barrel
- Delivers $300 million in anticipated annual pre-tax synergies
- Accretive to ROCE, free cash flow and earnings
SAN RAMON, Calif., July 20, 2020 - Chevron Corporation (NYSE: CVX) announced today that it has entered into a definitive agreement with Noble Energy, Inc. (NASDAQ: NBL) to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share. Based on Chevron’s closing price on July 17, 2020 and under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value, including debt, of the transaction is $13 billion.
The acquisition of Noble Energy provides Chevron with low-cost, proved reserves and attractive undeveloped resources that will enhance an already advantaged upstream portfolio. Noble Energy brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean. Noble Energy also enhances Chevron’s leading U.S. unconventional position with de-risked acreage in the DJ Basin and 92,000 largely contiguous and adjacent acres in the Permian Basin.
July 19, 2020, 2:20 PM GMT+3Alisa Odenheimer
Israel’s cabinet approved a multinational accord to lay a pipeline that will facilitate the export to Europe of natural gas found in Israeli and Cypriot waters.
The $6 billion plan, formulated by the energy ministers of Israel, Cyprus, Greece and Italy, is for a 1,900-kilometer (1,181 miles) corridor that will link known and yet-to-be-discovered gas fields in the eastern Mediterranean basin with European markets through Cyprus, Greece and Italy. A survey of the route is currently being performed, with the aim of reaching a final investment decision within two years and completing the project by 2025.
The project has created friction with Turkey, which says it deprives Turkish Cypriots living in a breakaway state in northern Cyprus of proceeds from the island’s natural resources (Note: The north of Cyprus, always 100% or majority Christian, was 90% Christian before the Turkish invasion of 1974, now 100% Muslim also amid rampant colonization from mainland Turkey).
