Woodside uncertain on Israeli gas

Struggle for control of gas reserves has delayed Woodside's proposed deal.

A struggle for control over Israel's gas resources has delayed Woodside Petroleum's (WPL) proposed acquisition of a 30 per cent stake in the Leviathan field, The Australian Financial Review reports.

According to the newspaper, the $US1.3 billion ($A1.39 billion) deal is yet to be completed almost a year after its announcement as debate continues over how much gas Israel should keep for local use and how much it is worth.

Israel was mostly reliant on imported energy until gas was discovered off its coast in recent years.

Woodside could be cut out of the equation as Russia, China and South Korea want to lock up large chunks of the gas and some domestic parties want to keep the reserves at home, the AFR reports.

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