Woodside Drops $1.3B On 30% Stake In Israel LNG Venture

Law360, New York (December 3, 2012, 7:14 PM EST) -- Australian energy company Woodside Petroleum Ltd. has agreed to acquire a 30 percent stake in Israel's liquefied natural gas Leviathan field from its joint venture owners in a deal that could be worth up to $1.3 billion, Woodside announced Monday.

The Australian firm said it would make an upfront payment of $696 million to acquire the minority stake in the Leviathan  project, an Israeli offshore gas field in the Mediterranean Sea. The Leviathan field lives up to its name, with estimated reserves of at least 17...
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