Woodside terminates Leviathan deal

CEO Coleman says decision to terminate memorandum of understanding was not taken lightly.

Woodside Petroluem has terminated its agreement to take a 25% stake in the the $US2.7 billion ($A2.88bn) Leviathan offshore gas field in Israel, saying it will not proceed with a memorandum of understanding agreed with the parties earlier this year.

The petroleum exploration and production company said negotiations between the joint venture parties failed to reach a commercially acceptable outcome that would have allowed fully-termed agreements to be executed. 

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