Noble Energy Partners Selling 30 Percent of Leviathan Project to Woodside Energy

Noble Energy, Inc. (NYSE:NBL) announced that the partners in the Leviathan Project (including Noble Energy, Delek Drilling, Avner Oil Exploration and Ratio Oil Exploration)  have agreed to sell 30 percent of working interest in the offshore Leviathan licenses to Woodside Energy Ltd. (ASX:WPL).

As quoted in the press release:

Under the proposal, Noble Energy would receive cash payments totaling $464 million, which would be comprised of an initial cash payment of $287 million payable at closing followed by two contingent payments totaling $177 million.  The first for $64 million would be paid once laws permitting LNG export from Israel are in force and the second for$113 million when a final investment decision is made in relation to an LNG development.

Noble Energy’s Chairman and CEO, Charles Davidson, said:

Noble Energy is extremely pleased to welcome such a substantial and knowledgeable strategic partner as Woodside.  We are confident that their extensive experience in LNG projects will further unlock value in the world-class Leviathan resource.  The entry of Woodside will bring additional international diversity to the Eastern Mediterranean area, thus highlighting the global importance of the Levant Basin.

To view the whole press release, click here.