Woodside Petroleum

After months of speculation, Woodside Petroleum has confirmed it is buying a 30% stake in the Leviathan gas field, offshore Israel. Leviathan, one of the largest gas discoveries this decade, is believed to contain about 17 trillion cubic feet of gas (Tcf), or about 4 times as much gas as Woodside’s Pluto field. Woodside will pay US$696m upfront for the stake, with further payments of US$550m dependent on key regulatory milestones being met. With a potential acquisition cost of over US$1.2bn, this is a significant deal and highlights the company’s desire to go global. There are several development options...

After months of speculation, Woodside Petroleum has confirmed it is buying a 30% stake in the Leviathan gas field, offshore Israel. Leviathan, one of the largest gas discoveries this decade, is believed to contain about 17 trillion cubic feet of gas (Tcf), or about 4 times as much gas as Woodside’s Pluto field. Woodside will pay US$696m upfront for the stake, with further payments of US$550m dependent on key regulatory milestones being met. With a potential acquisition cost of over US$1.2bn, this is a significant deal and highlights the company’s desire to go global.

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