Woodside acquires 30% stake in Leviathan, for an initial up-front cash payment of $696 million, potentially rising to US$2.3 billion

Woodside Petroleum is to acquire 30% in Israel's giant Leviathan gas field. A deal had been expected before the end of the year where the existing partners would farm down their equity to bring in an experienced LNG operator. The deal is structured such that payment will be phased over several discrete milestones, reflecting the technical and geopolitical challenges associated with the project. Woodside will make an initial up-front payment of $696 million. Additional contingent ...