Woodside Petroleum Limited (ASX:WPL) has terminated its plans to buy into the Leviathon joint venture in Israel. The oil and gas company’s MOU with the gas project has faced a number of setbacks since late 2012 and the company says they were unable to reach a commercially acceptable outcome.
CEO Peter Coleman says it was a difficult decision that was not taken lightly.
The company maintains that they are committed to growth but also to disciplined investment decisions.
Woodside Petroleum recorded a net profit of more than $2 billion in the full 2013 financial year.
