Woodside firms up deal for Leviathan gas field off Israel

Feb. 7

Woodside Petroleum will enter a non-binding Memorandum of Understand (MoU) to take a 25 per cent stake in the massive Leviathan gas field off Israel as it seeks to diversify away from Australia.
The company has been negotiating for more than a year with US-based Noble Energy and Israeli-based Delek Group, Avner Oil Exploration and Ratio Oil.
It will pay an initial amount of $US850 million with $US350 million due when the final investment decision is made.
Woodside had previously signed an Memorandum of Understanding for a 30 per cent stake for $US1.5 billion.
The Leviathan field is Israel's largest gas discovery of late and is estimated to hold 19 trillion cubic feet of gas and 34 million barrels of condensate.
It is most likely to be developed using floating offshore technology such as that proposed for the Browse Basin off Western Australia's Kimberley coast.
Source: http://www.abc.net.au/news/2014-02-07/woodside-signs-new-mou-for-leviathan/5245344?section=wa

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