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Chevron wades into Israeli gas price dispute

The major has ruffled Israeli feathers less than a month into its ownership of a key asset

Chevron completed its acquisition of US independent Noble Energy just a few weeks ago, with the latter’s gas assets in the Eastern Mediterranean a key component of the deal. But the new owner’s relationship with host government Israel is off to a sour start, with Chevron playing hardball over the renegotiation of a gas sales deal agreed by Noble and its Tamar gas field partners in 2012. Chevron holds a 25pc stake in Tamar, alongside a slew of local actors—Delek Drilling (22pc), Isramco (28.75pc), Tamar Petroleum (16.75pc), Dor Gas (4pc) and Everest (3.5pc). Chevron and Delek oppose a deal the other partners have agreed with utility Israel Electric Corp. (IEC) to cut the price IEC pays for

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