Woodside partners sign $1.2B deal
Woodside Petroleum’s Limited
(ASX:WPL) partners in the Leviathan gas project in Israel have signed a deal to sell $1.2 billion worth of gas to the Palestine Power Generation Company for 20 years.
The Leviathan group has agreed to sell up to 4.75 billion cubic meters of natural gas once production starts in 2016 or 2017.
Woodside recently cut its full year 2013 spending forecasts to $1.2 billion from the previous guidance of $2.5 billion due to the deferral of expected expenditure on Leviathan.
Woodside chief executive Peter Coleman recently said the value of the investment needed to be compelling for Woodside to commit to the project.
Woodside Petroleum reported a net profit of $971.4 million in the first half of the 2013 financial year.
