The deal is a significant step forward for Ceva and its parent company, Ceva-Texaco, which was struggling to cope with a steep drop in the price of its core oils.
Sunoco, the world’s largest oilfield services company, has been working to diversify its operations away from petroleum by buying oilfield and pipeline companies in an attempt to keep up with global demand for crude.
The deal, if approved by regulators, could help the company expand its footprint in the United States, where it has been growing rapidly.
Sunaco, based in Houston, is the largest privately held oilfield service company in the world, with nearly 40,000 employees.
Sunocos parent company had struggled to cope in recent years with the steep drop-off in oil prices.
It was the only oilfield company in North America that could not predict the impact of a global oil crisis, and had to rely on contingency plans to meet its needs in case of disaster.
Suncoast Petroleum Corp., which runs the bulk of the country’s crude refining and distribution systems, had struggled in recent months, and some analysts have called into question whether it would survive a downturn.
The U.S. Energy Information Administration reported in December that U. S. crude oil production had fallen to a six-year low.