Noble Energy shareholders approved on Friday the transaction through which the gas and oil producer will be sold to Chevron, which thus becomes the second bituminous shale producer in the USA, Reuters reports.

The transaction, carried out exclusively by exchange of shares, values Noble Energy at approximately 4.2 billion dollars, excluding the debt of 8 billion dollars.

It is the first major energy transaction since the coronavirus pandemic (COVID-19) caused a shock to the industry, following a significant reduction in fuel demand.

In addition to the increase in oil shale holdings, Chevron is significantly increasing its natural gas reserves in fast-growing regions. Noble Energy is the main partner of the consortium that owns the huge Leviathan natural gas field off the territorial waters of Israel.

The transaction is expected to be completed in the third quarter of 2020, according to Agerpres.