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The Australian oil and gas firm Woodside Petroleum (WOPEF.PK) has made an agreement worth more than $1.2 billion to share in the development of a massive gas discovery offshore Israel, positioning it as the operator of any liquefied natural gas operations for the Leviathan field in the Mediterranean, which contains approximately 17 trillion cubic feet of recoverable natural gas. The company will make an initial payment of $696 million upfront to Noble Energy (NYSE:NBL) and its partners for 30 percent interests in two petroleum licenses that contain the Leviathan field. Noble Energy will be the primary operator and it separately reported that each of the existing partners in the Leviathan field, which include Delek Drilling (DKDRF.OB), Avner Oil Exploration (AVOGF.PK), and Ratio Oil Exploration (TREXF.PK), will divest some of their interest in the development to Woodside.
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