JERUSALEM (JTA) — The Chevron Corp. will acquire Texas-based Noble Energy, becoming a heavyweight in the energy market in Israel.

The announcement of the acquisition in an all-stock transaction valued at $5 billion was made Monday on the websites of both Chevron and Noble.

“Noble Energy brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean,” the statement said.

Noble Energy has worked in partnership in offshore gas exploration over the past two decades with the Israel-based Delek Group Ltd. It jointly operates both the Tamar and Leviathan natural gas fields with a stake of 25% in Tamar and 39.66 percent stake in Leviathan, according to the Israeli business daily Globes.

Leviathan, discovered in 2010 in the Mediterranean Sea west of Haifa, is estimated to hold 16 trillion to 18 trillion cubic feet of gas. Tamar, discovered in 2009 in the Mediterranean Sea off the coast of Israel, has at least 9 trillion cubic feet of natural gas.