Woodside deal off

May 21, 2014 by J-Wire Staff
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Australian petrol giant Woodside has called off a proposed $US2.5 billion  deal to acquire 25%  of the Leviathan gas fields off the coast of Israel.woodsideIn a statement issued by the company Woodside has announced that “negotiations failed to reach a xommercially acceptable outcome that would have allowed fully-termed agreements to be executed”.

A memorandum of understanding had been signed in February this year between Woodside and Israeli companies Noble Energy Mediterranean Ltd, Delek Drilling LP, Avner Oil Exploration LP and Ratio Oil Exploration LP.

Woodside CEO Peter Coleman said that this was a difficult decision and one that was not taken lightly.

“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,” Mr Coleman said.

“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.”

J-Wire has contacted the Israeli Embassy for comment.

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