LNG Player Woodside and the Leviathan joint venturers (Noble Energy, Delek, Avner Oil and Ratio Oil) failed to execute a definitive agreement by the target date of 27 March.
“Discussions continue with the parties and the Israeli Government with a view to resolving the remaining issues and executing definitive agreements,” Woodside said in a statement.
According to Israeli media, there were certain tax issues that still needed to be worked out between the companies.
Woodside and the Leviathan joint venture participants signed a memorandum of understanding last month to negotiate the acquisition of a 25% participating interest in each of the 349/Rachel and 350/Amit petroleum licences.
The Leviathan field is contained within the licences, and has an estimated ‘2C’ contingent resource of 18.9 trillion cubic feet of natural gas and 34.1 million barrels of condensate.
Woodside would be the operator of any LNG development of the field, while Noble Energy would remain upstream operator.
The MoU contemplates supply of domestic gas to Israel, LNG exports and supply to neighbouring countries.
LNG World News Staff, March 28, 2014