Chevron Now Owns a Stake in Israeli Natural-Gas Reserves. Here’s Why It Matters https://mosaicmagazine.com/picks/israel-zionism/2020/08/chevron-now-owns-a-stake-in-israeli-natural-gas-reserves-heres-why-it-matters/

August 4, 2020 | Oded Eran
About the author:

Last month, Chevron—one of the world’s seven largest fossil-fuel companies—acquired Noble Energy, the Texas-based corporation that owns a large share of the rights to the capacious gas reserves located beneath Israel’s coastal waters. Oded Eran examines the implications:

Chevron’s entry into Israel bears a number of political aspects. Chevron has extensive operations in Arab and Muslim countries, [a fact that] has indirect significance regarding the efforts of countries and bodies around the world to boycott Israel. The involvement of an American company on the scale of Chevron will endow Israel with reinforced political status in the East Mediterranean Gas Forum, which also includes Egypt, Jordan, the Palestinian Authority, Cyprus, Greece, and Italy.

The entry into the region of an economic giant such as Chevron also conveys an important economic message, beyond the safety net with which it provides the natural-gas sector in Israel. Indirectly, it constitutes additional recognition of the economic stability of the Israeli economy and its prevailing legal and administrative norms.

Read more on Institute for National Security Studies: https://www.inss.org.il/publication/chevron-in-israel/