Woodside Energy’s bid to join the offshore Israel Leviathan gas field consortium has missed an agreed deadline, the firm has said.
Australia-based Woodside and the offshore Israel Leviathan project joint venture partners missed a target date to agree a deal which would see Woodside take a 25% stake in the two petroleum licenses containing the Leviathan field—349/Rachel and 350/Amit.
Leviathan is estimated by operator Noble Energy to contain 18.9 Tcf 2C contingent natural gas and 34.1MM bbl of condensate.
Image: The Eastern Mediterranean, courtesey Noble Energy.
Woodside, Noble Energy Mediterranean, Delek Drilling, Avner Oil Exploration, and Ratio Oil Exploration (1992) had agreed in principle to Woodside acquiring a 25% stake in the field, under a non-binding memorandum of understanding (MOU), with a target date to execute a fully termed agreement by 27 March 2014.
The deal would see Woodside become operator of any LNG development of the field, with Noble Energy remaining the upstream operator.
The agreed MOU contemplated supply of domestic gas to Israel, LNG exports, and supply to neighboring countries.
Woodside said: “The parties have not executed the definitive agreements by the target date of 27 March 2014 contemplated in the MOU. Discussions continue with the parties and the Israeli Government with a view to resolving the remaining issues and executing definitive agreements.”
Read more: Israel attempts to balance regulations, infrastructure with LNG growth http://www.oedigital.com/component/k2/item/4277-israel-attempts-to-balance-regulations-infrastructure-with-lng-growth