Woodside and the Leviathan Joint Venturers (Noble Energy, Delek, Avner Oil and Ratio Oil) have failed to execute the definitive agreements regarding the non-binding Memorandum of Understanding (MoU) on the Leviathan gas field in Israel, concluded in February 2014.
Under the terms of the agreement, Woodside would acquire a 25% participating interest in each of the 349/Rachel and 350/Amit petroleum licences and would be the operator of any LNG development of the field. The Leviathan field is contained within the licences, and based on information provided by the operator Noble Energy, has an estimated ‘2C’ contingent resource (100%) of 18.9 Tcf (535 bcm) of natural gas and 34.1 mbl of condensate. The transaction contemplated by the MoU is conditional upon the execution of a fully termed agreement and certain policy, tax and regulatory approvals from the Israeli Government. The parties failed to reach a definitive agreement by 27 March 2014. Discussions continue with the parties and the Israeli Government with a view to resolving the remaining issues and executing definitive agreements.