Chevron entry faces commercial, political risk

摘要

Chevron is betting on the long-term prospects for the east Mediterranean gas sector with its $13bn acquisition of US independent Noble Energy, but the short-term future is clouded with uncertainty. Noble’s dowry includes two exploration blocks in the western part of Egypt’s Mediterranean waters - bordering one that Chevron recently won, alongside smaller blocks in Israeli waters - and a 39.6pc stake in and operatorship of one of the Mediterranean’s largest gas felds, which recently started production. The 22 trillion ft3 (623bn m~3) Leviathan in Israeli waters and a 25pc stake in and opera- torship of the 11 trillion ft3 Tamar are expected to “generate strong cash fow for decades”, Chevron chief executive Mike Wirth says, with the “relatively high take- or-pay percentages” included in contracts reducing volume and price risks.