Woodside Petroleum Limited
(ASX:WPL) is facing fresh uncertainty over its role in the multi-billion-dollar Leviathan gas project in Israel, following reports suggesting the project is exploring regional export pipeline options.
Media reports say the project is considering sending gas to Greece and two Egyptian liquefied natural gas plants.
Woodside had struck a $2.4 billion deal to take a 30 per cent stake in the gas field and operate an LNG export project that would see LNG frozen to a liquid and shipped abroad.
However, Woodside's role has since been called into question as Leviathan partners have seen less need to pursue export options amid rising regional LNG demand that could be satisfied by pipelines rather than an export plant.
Uncertainty over Israel's gas export policy has also cast doubt on Woodside's role, with the export policy stuck in Israel's High Court, though the policy is reportedly expected to be resolved as soon as this month.
Woodside Petroleum generated a first half net profit of $971.4 million.
