Woodside deal off

May 21, 2014 by J-Wire Staff
Read on for article

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.

Speak Your Mind

Comments received without a full name will not be considered
Email addresses are NEVER published! All comments are moderated. J-Wire will publish considered comments by people who provide a real name and email address. Comments that are abusive, rude, defamatory or which contain offensive language will not be published

Got something to say about this?

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Discover more from J-Wire

Subscribe now to keep reading and get access to the full archive.

Continue reading