Woodside enters Leviathan MoU
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Woodside Petroleum (WPL) and the Leviathan joint venture participants - Noble Energy Mediterranean Ltd, Delek Drilling LP, Avner Oil Exploration LP and Ratio Oil Exploration LP have converted a previous in- principle agreement for the acquisition of a stake in the gas project in Israel into a non-binding Memorandum of Understanding (MoU).
In a statement to the Australian Securities Exchange, Woodside said the MoU provides a framework for it to negotiate the acquisition of a 25 per cent participating interest in each of the 349/Rachel and 350/Amit petroleum licences.
The parties will are working towards settling a full-termed agreement by March 27.
The MoU builds on the initial in-principle agreement reached in December 2012, although some key terms have been amended.
For instance the initial agreement was based on an estimated ‘2C’ contingent resource of 17 trillion cubic feet of natural gas, but it is now estimated the Leviathan field has a ‘2C’ contingent resource (100%) of 18.9 trillion cubic feet of natural gas and 34.1 million barrels of condensate.
Consistent with the previous in-principle agreement, Woodside would be the operator of any LNG development of the field, while Noble Energy would remain upstream operator.
Under the MoU, Woodside will pay $US850 million upon completion of the transaction under a fully termed agreement, as well as a further $US350 million on a Final Investment Decision for an LNG development or payments of up to US$350 million on predetermined export project milestones.
In addition, Woodside will make a payment of 5.75% well head export gas revenue, commencing after at least 2 trillion cubic feet have been exported from the Leviathan field, which is capped at $US1.3billion.
Woodside chief executive officer Peter Coleman said the MoU provided a potential commercial outcome with compelling value.
“We look forward to the ongoing engagement with the joint venture, government and other stakeholders to move forward with the Leviathan project,” Mr Coleman said
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