Woodside to sign Leviathan deal

A deadline for Woodside Petroleum’s (WPL) planned entry into the Leviathan gas field will be met, with a signing ceremony to take place in Jerusalem today, according to Israeli business news service Globes.

Woodside first announced a conditional purchase of 30% of the mammoth project in December 2012 before agreeing a revised Memorandum of Understanding last month, which saw the deal adjusted to a 25% stake for about $2.85 billion.

Upon announcing the revised deal, Woodside reported a deadline of March 27 for it to be finalised.

Globes said that the Australian oil & gas giant's boss, Peter Coleman, would arrive in Israel in time for the signing, joining leading execs at joint venture partners Delek Group, Noble Energy and Ratio Oil Exploration.

The final deal reportedly coincides with the resolution of several issues with the project, including tax treatment, lease terms from the Israeli government and a final settlement from the Antitrust Authority on alleged restraint of trade.

It is believed that license terms at the site will force the JV partners to choose only one anchor customer, either Turkey or Egypt. The developers had hoped the government's domestic reserve requirements would allow them to have two anchor customers.