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Noble Energy realised the independent E&P business model was failing long before Covid-19. Merging with Chevron buys investors some time, but is no silver bullet.
This article provides an assessment of the drivers behind the recent merger deal between mid-cap oil and gas company Noble Energy and US oil supermajor Chevron. It examines how Noble Energy's board of directors looked for a route out of 'business as usual' when they realised the energy transition would pose an existential challenge to their business model. It also assesses the prospects of Chevron developing Noble's undeveloped assets in the eastern Mediterranean, a region beset by geopolitical tensions and awash with surplus natural gas.
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