December 2, 2012 / 11:50 PM / 5 years ago

Woodside to buy 30 pct interst in offshore Israel LNG for $1.25bln

SYDNEY, Dec 3 (Reuters) - Woodside Petroleum Ltd said on Monday it will acquire a 30 percent interest in a major liquefied natural gas (LNG) discovery off the coast of Israel in a $1.25 billion deal.

Under the agreement, Woodside will be the operator of any LNG development of the Leviathan field, which is estimated to contain around 17 trillion cubic feet of recoverable natural gas, while Noble Energy Inc will be the upstream operator.

Woodside reached the deal with Leviathan Joint Venture participants Noble Energy Mediterranean Ltd, Delek Drilling LP , Avner Oil Exploration LP and Ratio Oil Exploration LP.

Woodside said the agreement involves an initial upfront payment of $696 million, a further payment of $200 million once laws permitting LNG export are in force and a $350 million payment on a final investment decision in relation to an LNG development.

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