Israel takes step towards becoming a gas exporter.

Joel C. Rosenberg's Blog

Israel-naturalgasplatform“Israel has taken a step closer to becoming a natural gas exporter after Australia’s Woodside Petroleum Ltd signed a deal to take a 25 percent stake in the huge East Mediterranean Leviathan gas field,” reports Ynet News. “The Australian company, considered a leader in the booming liquefied natural gas (LNG) sector, signed a preliminary agreement on Thursday to buy a quarter of the Leviathan field off the coast of Israel for up to $2.55 billion.”

Excerpts from the article:

  • Leviathan is estimated to hold about 19 trillion cubic feet (540 billion cubic meters) of natural gas, enough to supply all of Europe for over a year.
  • The field is being developed by US-based Noble Energy Corp, which will remain the project’s lead partner with a 30 percent stake, while the other groups involved, Israel’s Delek Group, Avner Oil Exploration and Ratio Oil Exploration, will each sell one-quarter of their stakes…

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