Israel’s Supreme Court recently affirmed the government’s natural gas regulatory framework with Noble Energy and Delek Group regarding the development of the Leviathan gas field with certain conditions.
The court concluded that the government should provide stability assurances and provisions through an alternate legal mechanism, giving it up to one year to resolve the issue.
In a statement commenting on the Supreme Court’s decision, Noble Energy’s chairman, president and CEO, David L. Stover said the decision is “disappointing and represents another risk to Leviathan timing.”
The other partner in the project, Delek Group hopes to stay within the agreed Leviathan development timeframe , however, the Supreme Court’s decision to block the provision agreed with the government presents a risk.
Chief executive of Delek subsidiaries Delek Drilling and Avner Oil, Yossi Abu said the company plans to make the decision on the Leviathan development by the end of the year, Reuters reports.
Abu added the steps will be taken to keep the project on track and within the previously agreed timetable which foresees the development of the project by 2019.
LNG World News Staff