Woodside has terminated the Memorandum of Understanding (MoU) to buy into the Leviathan Joint Venture.
Woodside had been in discussions with Noble Energy Mediterranean Ltd, Delek Drilling LP, Avner Oil Exploration LP and Ratio Oil Exploration (1992) LP to acquire a 25% participating interest in each of the 349/Rachel and 350/Amit petroleum licences located offshore in Israeli waters.
However, Woodside has announced that negotiations between the parties “failed to reach a commercially acceptable outcome that would have allowed fully-termed agreements to be executed.”
Woodside CEO, Peter Coleman, said: “All parties have worked very hard to secure an outcome which would be commercially acceptable, but after many months of negotiations it is time to acknowledge we will not get there under the current proposal.
While Woodside’s commitment to growth is strong, even stronger is our commitment to making disciplined investment decisions […] I would like to acknowledge and thank the Leviathan Joint Venture participants and the Israeli Government for working with us."
Reports suggest that exports of LNG from the venture had been delayed until phase three of the field development – after an initial domestic gas project within Israel and exports by pipeline to neighbouring countries in the region, including Jordan, Egypt and Turkey.
Edited from various sources by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/21052014/woodside_terminates_interest_in_leviathan_627/