Woodside Petroleum Enters the Mediterranean With Leviathan Stake: Energy Business Review

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

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.

Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.


More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business